- Stephens & Co analyst Joshua Long downgraded Noodles & Co NDLS to Equal-Weight from Overweight at a reduced price target of $5 from $7.
- The analyst is bearish on lower-than-expected traffic trends in the Q2 to date period and the departure of the CFO.
- The company announced the resignation of CFO Carl Lukach, effective June 9, 2023, and Dave Boennighausen as an interim CFO.
- Nevertheless, Long still believes in the company's long-term growth prospects on expected improvements in culinary and operational capabilities and strong company culture.
- Last month, NDLS reported Q1 2023 revenues of $126.10 million, which missed the consensus of $126.41 million, while the adjusted EPS loss of (0.05) was better than the consensus loss of (0.08).
- Long Expects revenues of $542.7 million and an adjusted EPS of $0.15 for 2023.
- The analyst estimates revenues of $608.5 million and an adjusted EPS of $0.45 for 2024.
- Price Action: NDLS shares are trading lower by 13.7% at $3.29 on the last check Friday.
- Photo via Wikimedia Commons
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