The firm cited the company's strong breakfast daypart and regional growth through the Southeast.
"BOJA has created a cult-like following in the Southeast over the past 38 years, serving freshly-made fried chicken and biscuits since its founding in Charlotte, NC," analysts said.
The brand is the number five player in the $21 billion QSR chicken category, but more importantly, its strong breakfast daypart generates about 40% of sales and has a loyal, habitual consumer base, they added.
However, some risks include near-term chicken cost inflation, competition and ability to grow outside of core Carolina markets, according to the analyst note.
In Tuesday's pre-market trading session, shares of Bojangles are falling 4.24% to $28.01.BOJA data by YCharts