Piper Jaffray Starts Bojangles' (BOJA) at Neutral

Piper Jaffray initiates coverage on Bojangles' (NASDAQ: BOJA) with a Neutral rating and a price target of $27.00.

Analyst Nicole Miller Regan commented, "We are initiating coverage of BOJA shares with a Neutral rating and $27 price target, which is based on 12x FY16E Core Business EBITDA + $10/Share New Unit Pipeline Value. Bojangles’ is a quick-service restaurant chain with $1 billion in system wide sales that is led by a grounded management team. The concept is steadily-growing, potentially to a targeted 3,500 units. The foundation of our Neutral rating stems from a stock perspective as we believe more upside, on a relative basis, exists elsewhere within our coverage universe. From a corporate perspective, we have every confidence the company’s culture of operational excellence position it favorably to realize its substantial unit growth goals. Potential catalysts include continued positive same-store sales and accelerated development; while execution is a key risk."

For an analyst ratings summary and ratings history on Bojangles' click here. For more ratings news on Bojangles' click here.

Shares of Bojangles' closed at $28.01 yesterday.

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