Notable news items and price action from the restaurant space as well as our fundamental view on select names.
- EAT this morning declared a quarterly dividend of $0.14 per share on the common stock of the company and, additionally, the Board of Directors authorized an additional $250 million in share repurchases.
- MCD Japan May comps came in at +0.9% year-over-year.
- PFCB was upgraded to Neutral from Underperform at Credit Suisse.
- Lazard Capital initiates BWLD, MCD, and SBUX. BWLD is rated New Neutral while MCD and SBUX are both rated New Buy with price targets of $47 and $92, respectively.
- CPKI has signed a franchise deal to expand in Taiwan with new franchise partner, Quanta Foods. The plan is to open six new restaurants in Taiwan in the next five years.
- BOBE is announcing its fiscal year-end earnings after the market close. Consensus is looking for Bob Evans comps of +0.9% y/y and Mimi’s Café comps of -1.8% y/y.
- MRT outperformed the space yesterday, gaining 6% on strong volume.