| 2016-10-14 08:13:10|
BJRI, BWLD… 08:13 10/14 10/14/16
Street estimates too high for casual dining sector in 2017, says Canaccord
Canaccord analyst Lynne Collier lowered same store sales estimates on most of the casual dining sector ahead of Q3 earnings. The analyst said September comps were worse than expected and that sales trends in Q3 were similar to Q2. Collier also believes 2017 will see negative comps as oversupply remains an issue, the inflation gap will continue, and there will be a reduced benefit from lower gasoline prices. As such, the analyst believes Street estimates are too high for the sector for next year. Names in the casual dining space include BJ's Restaurants (BJRI), Buffalo Wild Wings (BWLD), Cheesecake Factory (CAKE), Brinker (EAT), Red Robin (RRGB) and Texas Roadhouse (TXRH).