UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Einstein Noah Restaurant Group

In a report published Monday, Jefferies & Company reiterated its Buy rating on Einstein Noah Restaurant Group (NASDAQ: BAGL), but lowered its price target from $20.00 to $16.00.

Jefferies noted, “With increased competitive activity, food infl & difficult SSS compares ahead, investors are looking to 4Q for addl comfort that initial '13 outlooks remain intact. Given this backdrop, we think turnarounds will be difficult & favor visible EPS acceleration stories with strong SSS drivers & enough levers to offset pressure from food infl & growth investments. In large-cap, we like SBUX, while in mid-cap we favor DNKN.”

Einstein Noah Restaurant Group closed on Friday at $13.14.