Bob Evans Farms, Inc. (BOBE) Upgraded to Buy at Miller Tabak

Bob Evans Farms, Inc. (BOBE) has been upgraded today by the securities research analysts at investment firm Miller Tabak which increased Bob Evans from a “hold” rating to “buy.”  Tabak likes what they saw in Bob Evan’s April 4Q11 earnings report which helped coerce them into the buy rating amongst other things such as a forecast increase in sow prices which should provide margin relief.  Tabak did not deviate from their standing price target of $35 dollars on BOBE, however.  Lastly, Tabaks believes Mimi’s Cafés will have positive performance in the fiscal year that has already started.

BOBE is up during intraday trading, blowing past intermediate resistance at the $32.97 price level.

Bob Evans is slated to release their next earnings report on August 17th, 2011 and the current consensus EPS estimate is expected to be 51 cents.  The las time Bob Evans last reported earnings was on June 7th, yesterday in fact, and announced EPS of 60 cents with revenue totaling $418 million which was down -5.4 % year to year.  BOBE is currently trading above its 50 & 200-day moving averages (notably, was not that way when it began normal market trading today) and 2011 is currently a down year for the company.

Bob Evans Farms, Inc. is a full-service restaurant company that operates two restaurant concepts, Bob Evans Restaurants and Mimi’s Cafés. They are also a leading producer and distributor of pork sausage and complementary homestyle convenience food items.  The company has market capitalization of $987,000,000 and 30,000,000 shares outstanding.  BOBE has a 52-week high of $34.86 with the low being $23.10 dollars.

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