- Piper Jaffray downgrades Ignite Restaurant Group (NASDAQ:IRG) to an Underweight rating from Neutral.
- The investment firm cites a lack of stability in results at key brands.
- A price target from Piper of $3 reps a 7X multiple on FY16 EV/EBITDA.
- Ignite had mixed results in Q1 with a 3.8% comp decline at Joes Crab Shack offset by a 5.4% gain at Brick House Tavern + Tap. Total company sales were off compared to a year ago due to the loss of Macaroni Grill.
- Previously: Ignite Restaurant beats by $0.04, misses on revenue (May. 04 2015)