Shaun Currie, CFA
Long/short equity, hedge fund analyst, momentum

Buy Einstein Noah Restaurant Group: Industry Updates Suggest 30% Upside

In June, I wrote up Einstein Noah Restaurant Group (NASDAQ:BAGL), recommending investors buy the stock (Einstein Noah Restaurant Group: Unlocking Value Through The Franchise Model). The basis of this recommendation was a sum-of-the-parts analysis based on a refranchising strategy. Though the stock has risen 16% since my last report, I am reaffirming my Buy recommendation and increasing my price target to $22 based on recent refranchising valuation information provided by the industry, management's increased willingness to complete such transactions, and a mitigating factor for one of the major risks to the company's stock. With this new price target (+30% upside from the stock's current price) I am also placing a downside valuation on the stock of

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