Thursday, May 08, 2008 11:48:32 AM
More News related to CPKI
* KeyBanc Upgrades California Pizza Kitchen (CPKI) to Buy
* California Pizza Kitchen Opens Second Location in South Korea
* California Pizza Kitchen Opens Third Location in Japan
* California Pizza Kitchen Says Thank You to Customers in a Big Way
* Buckingham Research Initiates Coverage on the Restaurant Group
More News related to CPKI
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May 7, 2008 9:03 AM EDT
KeyBanc upgrades California Pizza Kitchen (Nasdaq: CPKI) from Hold to Buy and sets a $19 price target.
The firm sees upside in shares of California Pizza Kitchen over the coming months and gives several reasons for the upgrade. KeyBanc believes:
* CPK's recently introduced "bounce back" promotion represents a near-term catalyst for improving same store sales
* that CPK will likely see a positive sales impact from the distribution of tax rebate checks over the next few weeks
* given Knapp Track statistics, we believe that casual dining sales trends are beginning to stabilize
* California Pizza Kitchen will see earnings accelerate in 2H08 given easier year-over-year SSS and commodity cost comparisons and minimal unit growth
* strong growth will improve Kraft business (at least 20% growth in 2008)
* CPK has significant unit growth prospects over the long term both on a domestic and international basis.
KeyBanc notes that its $19 price target on California Pizza Kitchen implies upside of about 21% from current levels.
California Pizza Kitchen, Inc., together with its subsidiaries, engages in the ownership, operation, licensing, and franchising of a chain of casual dining restaurants in the United States and internationally. [BCS]
http://www.streetinsider.com/Upgrades/KeyBanc+Upgrades+California+Pizza+Kitchen+(CPKI)+to+Buy/3618042.html
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