KeyBanc Capital Markets Lowers California Pizza Kitchen (CPKI) Rating To Hold

KeyBanc Capital Markets analysts Brad Ludington and John Dravenstott lowered their rating for shares of California Pizza Kitchen, Inc. (Nasdaq: CPKI) from Buy to Hold and removed the $18 price target.

The analysts made the move because California Pizza Kitchen shares had reached the price target and they didn't see much more upside in the stock, which they considered fairly valued.

The analysts still spoke positively about the company's long term prospects.

The KeyBanc Capital Markets analysts wrote, "we are still very optimistic that CPKI's take-out call center, enhanced wine program and catering initiatives will help the Company drive long-term check average and SSS improvements. Further, our channel checks have indicated that the "Small Cravings" menu has been successful in driving a moderate level of incremental purchases by guests."