UPDATE: Jefferies Reduces PT to $20 on Einstein Noah Restaurant Group on Trade Liquidity

Jefferies reiterated its Buy rating on Einstein Noah Restaurant Group

but lowered its price target from $21 to $20. Jefferies noted, "Stock likely trades sideways as no news on strategic alts (but team focused on executing something by YE) & investors still wait for further sales acceleration. SSS appear to be back on track (albeit still modest) & fundamentals in solid shape w/ 3Q EPS +27% (our 12/13 EPS +22/23%). Stock at a discount because trading liquidity tight & SSS modest, but we think 5.5x EV/EBITDA valuation does not reflect potential EPS upside." Einstein Noah Restaurant Group closed at $`4.96 on Monday.