California Pizza Kitchen Shares Rise

According to the Associated Press, “Shares of California Pizza Kitchen rose about 4 percent in Wednesday afternoon trading after an MKM Partners analyst hiked his rating for the casual dining chain to “Buy” from “Neutral,” suggesting that the company’s restaurants could see improved sales in the remainder of the year.”

“MKM analyst Stephen Anderson upgraded his rating, noting increased customer traffic, additional cost cutting and a potential rebound at the company’s franchise locations in airports and Asian markets. He also wrote that the wait times for tables at restaurants around the country appear to be up, based on anecdotal research, and that consumers may now be willing to “trade up” from fast food chains to casual dining chains including California Kitchen when dining out.”

“The upbeat note sent stocks up 57 cents, or 4.2 percent, to $14.02 in morning trading,” the story said.