NEW YORK (TheStreet) -- Shares of Fiesta Restaurant (FRGI) closed lower on heavy trading volume Monday after Piper Jaffray reduced its rating on the stock to "neutral" from "overweight," the Fly reports.
Piper cited uncertainty after the unexpected retirement of Fiesta's CEO Tim Taft last week. The board also decided to reevaluate strategic plans.
But the firm upped its price target to $25 from $23 on shares of the company, the Fly noted.
Fiesta is the Dallas-based parent company of fast-casual restaurants Pollo Tropical and Taco Cabana.
About 1.17 million of the company's shares changed hands today compared to its average volume of 841,252 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and good cash flow from operations.
But the team also finds weaknesses including deteriorating net income, poor profit margins and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FRGI