EVEREN Securities Announces Investment Opinion on ICH Corporation
SAN DIEGO--(BUSINESS WIRE)--Sept. 23, 1999--
EVEREN Securities Initiates Research Coverage on ICH Corporation
With an 'Outperformer' Investment Rating
I.C.H. Corporation (ICH or the Company) (AMEX: IH) today announced that the investment banking firm of EVEREN Securities, Inc., initiated research coverage on Wednesday, September 22 on its common stock. Restaurant Analyst Dean T. Haskell rated ICH's stock as an "outperformer" with price targets of $20 and $25 over the next 6 to 18 months.
In a First Call Note, Mr. Haskell wrote, "ICH Corp. owns Sybra, the second largest Arby's franchisee in the United States. ICH also recently acquired a well-established family dining concept called Lyon's, with locations primarily in northern California. Arby's units have predictable, compelling unit economics and the Lyon's chain is undergoing an operational turnaround based on the success that management has had with Sybra. We hold price targets of $20 and $25 over the next 6 to 18 months based on the company achieving our earnings estimates and a rising valuation."
ICH is a Delaware holding corporation which, through its principal operating subsidiaries, currently operates 185 Arby's restaurants located primarily in Texas, Michigan, Pennsylvania, Florida, New Jersey and California and 73 full-service family dining restaurants doing business under the "Lyon's" name and located in California and Oregon. |
