Fly News Breaks for April 3, 2019
Apr 3, 2019 | 08:07 EDT
Maxim analyst Stephen Anderson initiated Famous Dave's with a Buy rating and a price target of $9, saying the "turnaround story" for the company is "finally cooking". The analyst expects Famous Dave's to return to sustained comp growth and unit growth following a 26% decline in unit count since 2014 thanks to its "smaller, high-return prototype designed for off-premise sales." While he anticipates a hit to the company's operating margin from the franchised restaurant acquisition in the near term, Anderson believes that "improving restaurant-level fundamentals" will lead to a strong rebound in margins in 2020-21.
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