Sept. 15, 2002
NEW YORK -- RTX Securities has rated Chicago Pizza & Brewery's stock a "strong buy" and set a 12-month target price of $13. The firm's target is about 80 percent higher than the stock's current trading price.
According to the Wall Street Journal, an RTX Securities representative wrote, "In our opinion, investors need to get involved in Chicago Pizza before the positive benefits of (1) the recent capital infusion; (2) the strong senior management additions; (3) the accelerated restaurant development; and (4) the further expansion into [states in which employers are allowed to pay workers who receive tips less than the federal minimum wage] flow through the company's operating results."
Chicago Pizza & Brewery, based in Huntington Beach, Calif., operates 26 casual dining restaurants, some of which incorporate brewpubs, in several Western U.S. states.