NDLS - Noodles jumps to 52-week high after Piper Sandler upgrade

Noodles ([[NDLS]] +12.1%) skies after Piper Sandler upgrades the restaurant stock to an Overweight rating from Neutral. "There is an opportunity for the stock to grow 30% and achieve a more relevant market capitalization based on multiple expansion. Fundamental execution is based on digital investments, menu innovation, and re-accelerating development. Our $14 price target is based on ~14x our FY22 EV/EBITDA estimates," updates analyst Nicole Miller Regan. Shares of Noodles are up 38.86% YTD as investors have backed the fast casual name ahead of restaurant dine-in reopenings. Noodles aims to see system-wide unit growth of 7% annually beginning in 2022.

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Noodles jumps to 52-week high after Piper Sandler upgrade