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Friday, 03/04/2011 11:04:50 AM

Friday, March 04, 2011 11:04:50 AM

Post# of 82
Oppenheimer is out with its report on Einstein Noah Restaurant Group (NASDAQ: BAGL), raising its price target from $15 to $18.

In the report, Oppenheimer writes "4Q EPS were in line with our estimates; however, SSS came in slightly below our expectations. Management indicated that the Barista initiative is providing a significant lift to SSS. aristas should be in place system-wide by the end of 2011."

Oppenheimer later adds, "Looking forward, commodity headwinds should be manageable considering wheat is merely 10% of COGS and 100% of its wheat needs are locked for 1H11. Coffee is locked for the full year. Management continues to expect 2-3% of commodity inflation, but foresees the ability to offset with pricing."


Source:
http://www.benzinga.com/analyst-ratings/analyst-color/11/03/903978/oppenheimer-raising-price-target-on-einstein-noah-restaur#ixzz1FeC5O9FJ