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Non-Tech : CPKI- $22 7/8 and heading higher
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To: Smiling Bob who started this subject8/28/2000 10:07:38 AM
From: Smiling Bob   of 8
 
RESEARCH ALERT-California Pizza started as buy
NEW YORK, Aug 28 (Reuters) - Deutsche Banc Alex Brown analyst John Glass said on Monday he had initiated coverage of California Pizza Kitchen Inc. (NasdaqNM:CPKI - news) with a buy rating and a six- to 12-month price target of $30.

-- said in a note that California Pizza ``is not just another pizza chain. It is a leader in 'affordable upscale' casual dining, carving out a niche for itself with its innovative food and affordable prices.''

-- ``In our view, no other restaurant chain is addressing this niche.''

-- citing unit expansion potential, Glass said that ``from its current unit base of 108, we see significant expansion opportunities for CPK, and at least a 300-400 unit potential for its full service units. Additionally, a build-out of the smaller-format ASAP units extends that unit potential even further, in our view.''

-- said California Pizza's partnership with Kraft Foods Inc. has led to a successful introduction of its frozen pizzas into the supermarket channel, earning a lucrative royalty fee, while leaving the capital investment and distribution to Kraft.

-- ``Now the company is beginning to test its frozen product in the institutional market, which is much more profitable per pie,'' Glass said.

-- Shares of the pizza chain closed at $7-3/8 on Friday on the New York Stock Exchange. The company's initial public offering came on Aug. 2.
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