Noodles & Co hits over 3-yr low as CFO steps down

Noodles & Co

19/05/2023 16:12

** Shares of Noodles & Co  NDLS.O  fall 14.6% to $3.25,
hitting an over three-year low
    ** Co says CFO Carl Lukach steps down from his role 
effective June 9
    ** Also says Dave Boennighausen will serve as interim CFO
    ** Brokerage Stephens cuts its stock rating to 'equal-
weight' from 'overweight' while reducing PT to $5 from $7
    ** Stephens says downgrade is based on lower-than-expected
traffic trends in Q2 and announcement of CFO's departure
    ** "we believe NDLS shares could be relatively range bound
until greater visibility into sustained improvement in traffic
trends and/or additional top-line, margin, or unit growth
catalysts materialize"- Stephens
    ** Including session's losses, stock has fallen 41.07% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))