Famous Dave's of America Inc. (
recently opened its first Famous Dave's Legendary Pit Bar-B-Que
restaurant in Casper, Wyoming. This is at par with the company's
goal of opening some 50 new units in the U.S. by 2014.
FAMOUS DAVES (DAVE): Free Stock Analysis
DARDEN RESTRNT (DRI): Free Stock Analysis
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Casper, the second-largest city in Wyoming, is the county seat of
Natrona County. It is also a regional center for banking and
commerce in the state. The new Famous Dave's restaurant is
strategically positioned at 5900 East 2nd street in the McMurry
business Park to target working groups. The restaurant accesses
views of Casper Mountain and provides spacious indoor and outdoor
Wyoming is in the mountains of the Western United States. Famous
Dave's have noted the advantages to be gained from the emerging
restaurant industry, in deciding to open its first unit in the
state. As per the National Restaurant Association, the Wyoming
restaurant industry will register around $0.8 billion in revenues
One of Famous Dave's peers,
Darden Restaurants, Inc. (
has an extensive presence in the state, with two major brands
occupying a large share of the Wyoming market, a fact Famous
Dave's needs to be wary of.
Famous Dave's has been on an expansion mode lately. Last month,
the company inked its largest deal of 2012 to add 21 restaurants
in the U.S., with most of the openings targeted in California and
the rest in Michigan, Missouri and Washington. Earlier in
December, Famous Dave's opened its second restaurant in Fort
Myers in Florida. The company also expects to expand in Gillette
with a unit in 2013.
We remain impressed with the company's decision to increase the
number of units, despite the possible challenging environment for
restaurant growth in the U.S.
Minnesota-based Famous Dave's owned 53 locations and franchised
133 additional units in 33 states and one Canadian province.
We currently have a long-term Neutral recommendation on Famous
Dave's. However, it carries a short term Zacks #4 Rank