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TAST

Carrols Restaurant

$14.85

0.3 (2.06%)

07:04
08/07/18
08/07
07:04
08/07/18
07:04

Carrols Restaurant raises FY revenue view to $1.15B-$1.18B from $1.15B-$1.17B

Consensus is $1.17B. Now sees FY comparable restaurant sales up 3%-4% vs. prior 3%-5% view. Commodity costs are expected to be flat (previously a 1% to 2% increase) including a 1% to 2% decrease in beef costs (previously a 2% to 3% increase); Adjusted EBITDA is expected to be $100 million to $105 million (previously $95 million to $102 million); The effective income tax rate is expected to be 0% to 5%; The company expects to close 15 to 20 existing restaurants (previously 20 to 25 restaurants) of which five have already closed. The company said: "Given our performance year-to-date and expectations for the remainder of the year, we are raising our overall outlook for 2018. While we remain cautiously optimistic regarding comparable restaurant sales trends as we lap our very strong performance in the second half of last year, we expect Adjusted EBITDA to now grow to $100 million to $105 million compared to $91.4 million in 2017."

  • 07

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TAST Carrols Restaurant
$14.85

0.3 (2.06%)

05/23/18
05/23/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Quantenna Communications (QTNA) initiated with a Buy at Stifel. 2. Cesca Therapeutics (KOOL) initiated with a Buy at H.C. Wainwright. 3. W&T Offshore (WTI) initiated with a Neutral at Roth Capital. 4. Carrols Restaurant (TAST) initiated with a Buy at SunTrust. 5. Vanda initiated with a Buy at Citi. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
05/23/18
RHCO
05/23/18
INITIATION
Target $16
RHCO
Buy
Carrols Restaurant initiated with a Buy at SunTrust
SunTrust analyst Jake Bartlett initiated Carrols Restaurant (TAST) with a Buy rating and a price target of $16, saying that as the largest Burger King franchise, it has an opportunity to grow at 5% annualized rate for the next 5 years. The analyst notes that the re-acceleration in store acquisitions will drive estimates and multiples for the stock higher, and while the "resurgence of McDonald's (MCD) is a risk, he believes Burger King's "barbell" menu strategy will limit any market share loss.
02/28/18
SPHN
02/28/18
NO CHANGE
SPHN
Carrols Restaurant's Q4 'impressive,' says Stephens
Stephens analyst Will Slabaugh was positive on Carrols Restaurant's beat and raise Q4 results, and likes the story for "its strong acquisition pipeline, associated cost opportunities, and general out-performance" within quick service restaurants. Slabaugh kept an Overweight rating and $18 price target on Carrols Restaurant shares, which be believes are materially undervalued at current levels.
09/26/17
09/26/17
DOWNGRADE
Target $15.5

Outperform
Carrols Restaurant downgraded to Outperform from Strong Buy at Raymond James
As previously reported, Raymond James downgraded Carrols Restaurant to Outperform from Strong Buy and maintained a $15.50 price target. Analyst Brian Vaccaro expects a higher level of discounting/promotions will pressure second half Burger King store margins, combined with high labor costs. As a result, the analyst lowered his 2017 EBITDA estimate to $87M, below guidance of $90M-$95M.

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