Noodles & Company price target lowered to $6 from $8 at Benchmark

Benchmark analyst Todd Brooks lowered the firm’s price target on Noodles & Company to $6 from $8 and keeps a Buy rating on the shares. The firm, which had hoped to see a more meaningful pickup in customer traffic trends over the May/June timeframe, says it has only seen traffic results lift an estimated 160 basis points in June compared to “the depressed April levels,” citing Placer AI traffic data. Based on the data, the firm is lowering its Q2 systemwide same store sales, adjusted EPS and EBIDTA estimates, the analyst tells investors.