- Stephens analyst Joshua Long reiterated an Overweight rating on the shares of Noodles & Company (NASDAQ:NDLS) with a price target of $7.
- The analyst noted that Noodles reported strong 4Q22 results that included top-line beats on same-store sales and revenue, driven by increased frequency, 9% price, and positive sales trends across all markets.
- Restaurant-level margins were stronger than expected, supported by sales leverage and some improvement on labor.
- Additionally, the analyst believes the company has visibility into its COGS basket for FY23, with chicken contracted for the year, said the analyst.
- From a margin perspective, strong top-line trends paired with incremental visibility leave the company well-positioned for achieving FY23 margin guidance.
- From a development perspective, the analyst believes the company’s new unit pipeline remains strong and well-positioned to achieve 7.5% gross unit growth in FY23 before franchise development starts to perk up in FY24.
- The analyst believes the consumer’s demand for the Noodles brand remains strong, which is reflected in the company’s 1Q23 same-store sales guidance.
- Price Action: NDLS shares are trading lower by 4.87% at $5.66 on the last check Thursday.
- Photo Via Company
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