Wedbush initiated coverage on AFC Enterprises (NASDAQ: AFCE) with an Outperform rating and price target of $46.00.
"We believe AFCE's accelerating company unit development renders long-term
low- to mid-teens top-line and 17-20% EPS growth, above current long-term EPS guidance of 13%-15%, achievable. Combined with recently reset near-term expectations, we believe both estimates and valuation are poised for upward revisions. Therefore, we initiate with an OUTPERFORM rating," said analyst Nick Setyan.