Why Zoe's Kitchen Stock Rallied 13.8% in August
Shares of Zoe's Kitchen (NYSE: ZOES) popped nearly 14% last month, according to data provided by S&P Global Market Intelligence. The Mediterranean-inspired restaurant chain's stock received a boost from better-than-expected second-quarter results and an analyst upgrade.
Zoe's popped 9% ahead of its second-quarter report when Telsey Advisor Group upgraded its stock to outperform from market perform. It then held onto most of those gains after it delivered Q2 earnings per share of $0.03, while Wall Street was only expecting a breakeven quarter. Zoe's $74.3 million in revenue, however, came in below analysts' estimates of $77.7 million.
An analyst upgrade helped drive Zoe's Kitchen's shares higher in August. Image source: Getty Images.
Source: Fool.com
