Oppenheimer has started coverage several of the casual dining chains this morning. Buffalo Wild Wings (BWLD) was initiated as an “Outperform” rating, with a 40% implied upside at a $52.00 price target. Chipotle Mexican Grill (CMG) and Panera Bread (PNRA) were both initiated with ‘Perform’ ratings. So far these ratings have had no significant impact this morning in trading.
Jon C. Ogg
These are some of the top upgrades and positive calls we are seeing this Tuesday morning on Wall Street:
Jon C. Ogg
October 21, 2008
Panera Bread Company (NASDAQ: PNRA) is issuing some mixed guidance this morning, although shares are reacting favorably to the news. The company is increasing its second quarter 2008 earnings per diluted share target to $0.48 to $0.50. Its prior guidance was $0.40 to $0.44, and First Call had estimates at $0.42 EPS. The increase is from same stores sales growth of 6.1% to 6.4% rather than a previously targeted range of 5% to 6%. It is also seeing a better than expected margin improvement on higher growth in gross profit per transaction.
This isn’t universal though. Panera also noted that the continuing rise in gas prices will generate an incremental $0.02 to $0.03 negative impact on earnings per share for the second half of 2008, which it will update in its earnings report to be released on July 22, 2008.
It has employed some hedging strategies, although only for a limited time period. Panera has locked in approximately 95% of its fiscal first and second quarter 2009 wheat requirements at a total cost of approximately $10.00 per bushel versus the approximately $15.00 per bushel paid for the same period in 2008. Panera HAS NOT locked its requirements for the third and fourth fiscal quarters of 2009, as it noted that suppliers are not offering commitments on basis for that time period. It does expect to benefit from the year-over-year decrease in wheat costs in 2009, but also notes that part of that benefit will be offset by higher commodity costs in proteins, dairy, packaging, and the increasing cost of gasoline.
Shares closed at $45.46 yesterday and shares are up over 7% at $48.94 in pre-market trading with 45 minutes to the open. The 52-week trading range is $30.60 to $53.45.
Jon C. Ogg
June 18, 2008
These are ten of the analyst calls we are focusing on this Friday morning:
Jon C. Ogg
June 6, 2008
These are ten of the analyst calls we are focusing on this Thursday morning:
Jon C. Ogg
May 22, 2008
These are the top analyst calls we are focusing on early this Thursday morning in pre-market trading:
Jon C. Ogg
March 20, 2008
These are not the only important analyst calls out there, but these are the top analyst calls that 24/7 Wall St. is focusing on:
Jon C. Ogg
December 14, 2007
AAPL started as Buy at BMO Capital.
AVR cut to Neutral at JPMorgan.
BIOF cut to Neutral at JPMorgan.
CHIC cut to Neutral at JPMorgan.
CIEN raised to Neutral at UBS.
COO cut to Underperform at Bear Stearns.
ENDP cut to Hold at Jefferies.
ESL cut to Neutral at JPMorgan.
FCL started as Outperform at FBR.
FISV raised to Overweight at JPMorgan.
HANS cut to Neutral at Goldman Sachs (see full note).
LIFC raised to Outperform at Piper Jaffray.
MOT target raised to $22 at Lehman.
MPWR raised to Buy at Goldman Sachs.
MXIM raised to Buy at Goldman Sachs.
MYL raised to Overweight at JPMorgan.
NGLS removed from Goldman Sachs conviction buy list.
NHY raised to Overweight at JPMorgan.
NTRI cut to Hold at Lazard.
PNRA raised to Overweight at JPMorgan.
RAD raised to Neutral at HSBC.
SAP raised to Buy at Sun Trust; downgraded at Bernstein.
SHW raised to Buy at UBS.
SLAB cut to Hold at Citigroup.
SPF raised to Neutral at UBS.
WFT cut to Neutral at B of A.
WTSLA cut to Neutral at JPMorgan.
X started as Underweight at JPMorgan.
Wachovia initiated major technology companies today, but it appears that this was part of the A.G.Edwards transitioning this week (AMD, INTC, TXN, DELL, IBM, HPQ, NOK, QCOM, BRCM, MOT, JAVA). Here is a full list.
Jon C. Ogg
October 4, 2007
We’ve started seeing some of the recent emptier pockets of Joe Q. Consumer, and after a warning yesterday out of McCormick & Schmicks’s we wanted to see how some of the NASDAQ growth restaurant chains were doing as far as short sellers were concerned. Interstingly enough, of the ones we look at with regularity that get media coverage it seems like there is actually a drop in short selling from August to September. Below is a list of companies in the sector along with the shares short in September and a percentage change from the August count of the short interest:
Here are some key related articles that may give added insight:
Jon C. Ogg
September 26, 2007
(AAUK) Anglo American’s CEO will become a non-executive member of the board of directors at BP (BP).
(ACAD) Acadia Pharmaceuticals traded up over 10% after Jim Cramer touted the stock as a speculative play for trading the upcoming data on its schizophrenia and Parkinson’s treatment.
(ACOR) Acorda Therapeutics Starts Second Phase 3 Trial of Fampridine-SR in MS
(AMTD) TD AMERITRADE was notified that JANA and S.A.C. funds have secured an interest of roughly 8.6% stake to pressure the companies to enter a merger.
(AZN) AstraZeneca CFO leaves to join Goldman Sachs.
(CROX) Crocs is launching a fashionable line of high heel and flats for women to appeal to fashion conscious women.
(CSC) Computer Sciences Corp. may look to acquire iSoft Group plc in the UK.
(ETFC) E*Trade trading up 3% on AMERITRADE news.
(FCS) Fairchild Semiconductor reaffirmed Q2 growth targets.
(GSK) GlaxoSmithkline defends Avandia saying it does not increase heart risks.
(KFY) Korn Ferry $0.37 adjusted EPS versus $0.34 estimates.
(MAIR) MAIR Holdings -$0.06 EPS vs -$0.05e.
(PNRA) Panera trading down $7.00 on an earnings warning of $0.38-0.40 vs $0.47-0.51e.
(PLUG) Plug Power named new CFO.
(PRU) Prudential lays off 420 in a research phase out, will cease covering all equities immediately.
(RUS) Russ Berrie rejected an $18.00 buyout as an undervalued deal.
(SCHW) Charles Schwab traded up 1% after the AMERITRADE news.
(SIRI) Sirius Satellite Radio announced a $250 million term-loan from Morgan Stanley.
(STAR) Starent priced a 10.5 million share IPO at$12.00, above the $9.00 to $11.00 range.
(WFMI) Whole Foods is facing a deal blockage by the FTC over a ‘natural foods market disruption’ according to FTC.
Jon C. Ogg
June 6, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
Stock Tickers: NWRG, BAGL, PNRA
New World Restaurant Group, Inc. (NWRG-PINKSHEET) is back to the old Einstein Noah Restaurant Group, Inc. name and will trade under the ticker "BAGL" on NASDAQ after this awaited securities sale next week. As a reminder, all of these security sales are subject to change. The company has had an active filing and as of today looks like the sale date is for a late-week offering assuming no changes are made.
Einstein as of now is selling 5 million shares at an estimated $19.00 to $21.00 range in what should amount a roughly $100 million stock offering. This will get it back into NASDAQ compliance and off the deathly Pink Sheets where most investors fear to tread. Shares closed today at $19.25, if you count a total of 1,870 shares as a real trade.
This is not a simple deal, so be sure to read what we are noting on this and be sure to read through the prospectus link on your own if you are interested in this offering. Anyone with an "investor’s memory" may recall that the company never went under as far as an operation, but it was definitely an investor flame-out the first time around. We look for special situation investments such as back-door plays into IPO’s or recapitalizations, and this is truly a unique offering in that this one is a bit of both.
The company also will have what should be some instant brokerage firm coverage after the offering as well because the joint book-runners are Morgan Stanley and Cowen & Co, and the co-manager is Piper Jaffray. Based on the diluted share percentages and a mid-point price range, this one should have an implied market cap of roughly $313 million.
Is it an IPO, a Recapitalization, a Secondary, or a PIPE? Truthfully, it is all of them and none of them. It’s a Re-PO.
Maybe the restaurant chain didn’t die, but the stock might as well have until now. New World Restaurant Group, Inc. (NWRG-PINKSHEET) is back to the old Einstein Noah Restaurant Group, Inc. name and will trade under the ticker "BAGL" on NASDAQ after this upcoming securities sale. This has been in the works for some time via SEC filings (April 10 original filing date), but today the company set some terms for an offering. Einstein is selling 5 million shares at an estimated $19.00 to $21.00 range in what should amount a roughly $100 million stock offering. This will get it back into NASDAQ compliance and off the deathly Pink Sheets where most investors fear to tread.
This is not a simple deal, so be sure to read what we are noting on this and be sure to read through the prospectus link on your own if you are interested in this offering. Anyone with an “investor’s memory” may recall that the company never went under as far as an operation, but it was definitely an investor flame-out the first time around. We look for special situation investments such as back-door plays into IPO’s or recapitalizations, and this is truly a unique offering in that this one is a bit of both.
We will be posting more on this offering on Monday, so stay tuned. This entire full note with more detail and analysis went out to our free email subscriber list. If you wish to sign up for that list you can do so on the website yourself or you can send an email to jonogg@247wallst.com with your name and email and label it "Subscribe" in the title.
Further on in this we have identified the financials, the brokers who will cover it, the risks, the outlook, the financials, the growth plans, the ownership, control stakes, the debt and financial covenants, and more. We will also be conducting some spot location reviews similar to what we did on Stabucks (SBUX-NASDAQ) in different geographic locations and noted a brief similarity to Panera Bread (PNRA-NASDAQ). NWRG/BAGL is a far different entity than the others and will definitely not be the sort of stock for every single investor out there.
Have a great weekend.
Jon C. Ogg
May 18, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
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