In a report released Friday, Miller Tabak analyst Stephen Anderson downgraded Bravo Brio Restaurant Group BBRG from Buy to Hold and lowered its fair value estimate from $19 to $15.
Analysts at Miller Tabak are dissatisfied with Bravo Brio's June quarter, as its revenue and EPS came in heavily below expectations. Along with disappointing expectations, the multi-upscale restaurant chain reported low negative comps.
Anderson expects a further negative surprise in unit growth in the 2015-2016 period or until comps rejuvenate growth.
Shares traded recently at $13.67, down 8.2 percent.
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