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Takeaway: It pays to listen to Penney.

Potbelly is being taken back behind the woodshed today.

Shares of the sandwich maker are currently down well over 10%. Hedgeye Restaurants analyst Howard Penney added PBPB to our Best Idea List as a SHORT on 11/19/13. As he wrote then:

To be clear, we believe Potbelly is a solid company with a strong management team, but it should not be trading at a premium multiple to its aforementioned peers. With that being said, we would not be surprised to see PBPB decline by 30-40% over the next twelve months.


Meanwhile, Hedgeye CEO Keith McCullough shorted it in Real-Time Alerts last Thursday bringing an 11% gain to RTA subscribers.

$PBPB: Potbelly Goes Boom! - pb

Once again, it pays to listen to Penney.