Fly News Breaks for September 10, 2015
KKD
Sep 10, 2015 | 07:35 EDT
Stephens attributes Krispy Kreme's earnings miss to a partial wholesale customer loss and a non-cash derivative charge, but views "nearly every core metric," including same-store sales, traffic growth and franchise development, as moving in the right direction for the company. The firm believes same-store sales trends and improving fundamentals will outweigh near-term issues regarding the wholesale business, which it notes has materially lower margins. The firm lowered its price target on Krispy Kreme to $20 from $23, citing the company's lowered estimates, but keeps its Overweight rating on the stock, which is down more than 17% to $14.66 in pre-market trading.
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