El Pollo LoCo Holdings Inc (NASDAQ:LOCO), the nation’s leading fire-grilled chicken chain, announced significant expansion plans to enter the Dallas market.
Building on the success of its entry into Houston, El Pollo Loco will be opening company and franchise restaurants in the Dallas market beginning the first half of 2016.Chicken Time Holdings, LP, an affiliate of Henry Investment Group (“HIG”), a Dallas based Family Office was selected to co-develop the market. The new franchisee will open a total of seven El Pollo Loco locations in Dallas over the next four years.
“The Houston community has enthusiastically welcomed our presence into the market. Driven by that success, we are thrilled to continue our Texas expansion to Dallas, in partnership with The Henry Investment Group, to bring our famous citrus-marinated and fire-grilled chicken to more customers throughout the state,” said Steve Sather, President and CEO of El Pollo Loco. “There is tremendous opportunity in the Dallas market and we have identified numerous potential sites. We continue to accept inquiries from potential franchise partners to help us grow in other Texas markets and throughout the southwest.”
The restaurant operations leadership team at HIG brings over 20 years of successful experience to the project. HIG’s vision includes investing in sustainable long-term enterprises, representing the highest quality in all that it does, being active in the communities it serves and attracting and retaining quality team members.
“Our values closely align with those of El Pollo Loco’s as the company is focused on providing a great customer experience, high quality food and a dedicated staff and as a Dallas based company, we believe the concept will resonate well with local residents,” said David Henry, Principal & CEO of The Henry Investment Group. “The brand’s famous fire-grilled chicken, menu items made with fresh ingredients and a fun and vibrant atmosphere, will be a great addition to the community. We are excited to be part of a strong and growing brand that we believe in and look forward to opening our first El Pollo Loco restaurant in 2016.”
El Pollo Loco goes to crazy lengths to create Mexican-inspired entrées that are made with the freshest ingredients. It’s Crazy You Can Taste. (Original Source)
Shares of El Pollo LoCo closed yesterday at $22.35 . LOCO has a 1-year high of $41.70 and a 1-year low of $18.48. The stock’s 50-day moving average is $26.83 and its 200-day moving average is $26.11.
On the ratings front, El Pollo LoCo has been the subject of a number of recent research reports. In a report issued on May 15, Morgan Stanley analyst John Glass maintained a Hold rating on LOCO, with a price target of $28, which represents a potential upside of 25.3% from where the stock is currently trading. Separately, on May 14, Robert W. Baird’s David Tarantino reiterated a Buy rating on the stock and has a price target of $34.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John Glass and David Tarantino have a total average return of 14.4% and 12.0% respectively. Glass has a success rate of 66.7% and is ranked #695 out of 3607 analysts, while Tarantino has a success rate of 64.5% and is ranked #820.
The street is mostly Bullish on LOCO stock. Out of 5 analysts who cover the stock, 3 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $29.67, which represents a potential upside of 32.8% from where the stock is currently trading.
El Pollo Loco Holdings Inc operateslimited service restaurant. The Companythrough its indirect subsidiary, El Pollo Loco, Inc. , which develops, franchises, licenses and operates quick-service restaurants under the name El Pollo Loco.