Piper Jaffray Downgrades Famous Dave’s (DAVE) To Neutral

StreetInsider:

Piper Jaffray downgrades Famous Dave’s of America from Buy to Neutral and lowers its price target from $22 to $15.

The firm said it believes Famous Dave’s is capable of ‘accelerated development as well as the potential for margin improvement’, but sees the resignation of its CEO, David Goronkin, as a negative during this transition period.

Famous Dave’s of America, Inc. engages in the development, ownership, operation, and franchising of restaurants under the name of Famous Dave’s in the United States.