Notable news items and price action from the restaurant space including our fundamental view on select names.
- TXRH was raised to “Buy” from “Neutral” at SunTrust Robinson. The 12-month price target is $21 per share.
- CPKI signed a deal with San Francisco-based Golden Gate Capital. Golden Gate will acquire the company for approximately $470 million, or $18.50 per share, in cash.
- WEN was upgraded by S&P to “stable”.
- Coffee drinkers are going to have to get used to higher coffee prices, if recent production numbers from Columbia are anything to go by. The Colombian National Coffee Growers Federation’s Chief Executive Officer Luis Munoz said that demand will outstrip supply next year, keeping prices in the $2-3 per pound range for the next twelve months.
- RUTH and CHUX gained on accelerating volume.