September 8, 2013 / 3:38 PM / in 4 years

Restaurant renovations to boost Bob Evans shares: Barron's

NEW YORK (Reuters) - Shares of Bob Evans Farms Inc BOBE.O are poised to extend their steep gains this year as an ongoing plan to remodel the company’s namesake restaurants boosts same-store sales, financial weekly Barron’s said on Sunday.

The company has updated about 70 percent of its restaurants, with the renovated locations posting same-store sales growth of about 2 percent, the publication said in its September 9 edition. Stores that have not been updated have seen sales fall 1 percent.

Citing analysts at FrontFour Capital Group, Barron’s wrote that the stock could climb 30 percent from its current levels. Bob Evans’ shares closed Friday at $50.39 and are up 25 percent in 2013.

Reporting by Ryan Vlastelica; Editing by Maureen Bavdek

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