Wednesday January 2, 03:40 PM
McCormick & Schmick's Seafood Restaurants upgraded to "buy"
NEW YORK, January 2 (newratings.com) - Analyst Dean Haskell of Morgan Joseph upgrades McCormick & Schmick's Seafood Restaurants Inc (ticker: MSSR) from "hold" to "buy." The target price is set to $16.
In a research note published this
morning, the analyst mentions that the company's share price has depreciated significantly by 25% since early-November (Frankfurt: A0S9N7 - news) , presenting an attractive investment opportunity. McCormick & Schmick's Seafood Restaurants' new credit facility is likely to be utilised to fund the stock buyback programme, the analyst adds. The company's operating fundamentals continue to be robust, bolstered by low debt and an impressive cash position, Morgan Joseph says.
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