JMP Securities downgraded Buca (BUCA) to market outperform from strong buy.
Analyst David Rose says the time horizon for a turnaround may be a little longer than he originally anticipated as same-store restaurant sales continue to disappoint. Rose says while trends are consistent with trends in the number of casual dining concepts, Buca is a bit more dependent on the convention business diner, as well as early-week to mid-week business -- and these businesses seems to be soft.
He cut the $0.69 2002 earnings per share estimate to $0.62, and cut the $0.87 2003 earnings per share estimate to $0.76. Rose also cut his $14 target to $11.