BurgerFi price target lowered to $4 from $5 at BTIG

BTIG analyst Peter Saleh lowered the firm’s price target on BurgerFi to $4 from $5 and keeps a Buy rating on the shares. The company’s Q2 results were “very weak” as continued same-store sales pressure at its namesake brand drove meaningful declines in restaurant-level margin and lower-than-expected EBITDA, the analyst tells investors in a research. BTIG adds however that while the firm is disappointed by the fundamentals and ongoing sales weakness, it is also optimistic that new leadership will make much more aggressive changes to the menu, operations and technology to reverse customer sentiment and sales trends.