Oppenheimer Holdings Reiterates Perform Rating on Einstein Noah Restaurant Group

In a report published Friday, Oppenheimer Holdings reiterated its Perform rating on Einstein Noah Restaurant Group

. Oppenheimer Holdings noted, “BAGL announced the completion of its strategic alternatives process, which includes a leveraged recap and one-time special dividend of $4/sh. This is less than the $9/sh communicated in the October presentation, but also comes with lower leverage and less than expected debt ($140M vs. proposed $265M). The announcement ends a seven-month process and attention is likely to revert back to fundamentals. We maintain our Perform rating as we await signs of better traffic trends and improving market share.” Einstein Noah Restaurant Group closed on Thursday at $15.79.