Analyst Todd Brooks of Benchmark Co. maintained a Buy rating on Noodles & Co (NDLS – Research Report), retaining the price target of $3.00.
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Todd Brooks has given his Buy rating due to a combination of factors influencing Noodles & Co’s recent performance and future prospects. The company’s new menu launch, which includes eight new entrees and four reimagined recipes, has received a strong initial response from customers, with certain dishes outperforming expectations. This positive reception suggests potential for sustained customer interest and increased traffic.
Additionally, the recent appointment of Steve Kennedy as Chief Marketing Officer has led to a broader marketing strategy, incorporating various digital platforms to enhance brand awareness. This strategy has already resulted in a significant increase in brand awareness and search traffic. Furthermore, the Noodles Rewards loyalty program has seen substantial growth in sign-ups and transactions, driven by successful promotions like the “Taste Tour.” These developments collectively indicate a promising outlook for the company’s growth, justifying the Buy rating.
In another report released yesterday, Truist Financial also maintained a Buy rating on the stock with a $3.00 price target.