Roth MKM analyst George Kelly lowered the firm’s price target on Joint Corp. to $13 from $16 but keeps a Buy rating on the shares after its in-line Q1 earnings and reduced revenue guide. The company’s challenges – most importantly, decelerating comp performance – remain, and the review of its owned segment is prudent, with “bold action needed”, the analyst tells investors in a research note. Roth MKM adds however that shares are far too cheap on an enterprise value to SWS basis at 0.2-times compared to other franchise businesses in the 1.5- to 3.0-times range.
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