Bob Evans upgraded to Buy from Hold at Miller Tabak Miller Tabak upgraded Bob Evans and believes the worst is behind the company. The analyst sees increased earnings from remodeling benefits, lower costs at BEF Foods, SG&A cost savings, improved free cash flow, and potential increased private equity involvement. Price target raised to $58 from $50.
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Bob Evans sees 10%-12% long-term EPS growth Sees long term average annual net sales growth of 3%-3.5%. It expects to up to 10 new restaurants annually. Expects long-term SSS and new restaurants expected to contribute equally to net sales growth, for about 1.5%-1.75% each. Expects BEF Foods long-term average annual net sales growth of 6%-7%. Expects FY15 CapEx to be between $85M-$90M. Comments taken from slides for company's Investor Day in July.