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Thomas Weisel upgraded Krispy Kreme Doughnuts (KKD
) to buy from hold.
On Friday the doughnut chain posted an 11.8% rise in fourth quarter comparison store sales, forecast 65 cents fiscal 2003 (Jan.) earnings per share, and gave an estimate of 88 cents fiscal 2004 earnings per share.
Analyst Skip Carpenter says Krispy Kreme's fourth quarter comparison store sales growth beat his 10% estimate. He sees growth from the beverage program, penetration of additional off-premise accounts, higher retail pricing and margin expansion in all units, as well as international expansion. He has a $40 target. Also, Carpenter raised his 86 cents fiscal 2004 earnings per share estimate to 88 cents.
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