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I have recently begun to analyze some of the restaurant IPOs from 2013. In my recent article, PotBelly: More Downside Ahead, I noted that I don't see much leverage in the PBPB business model as it expands and expect the chain to face competition both in their company-owned stores and in growing their franchise base. I am now moving onto Noodles & Company (NDLS), which I believe has more upside than the PBPB brand. It's a unique concept that I was able to try out last week, and I enjoyed the product. As opposed to PBPB, I do see some same store sales upside, which means we could get operating leverage. Additionally, the stock has already sold...

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