Del Taco stock got hit with a double whammy today due to its recent earnings report and an analyst downgrade.
Starting off with the earnings report, Del Taco (NASDAQ:TACO) brought in revenue of $117.83 million for the third quarter of 2018. This is up from its revenue of $110.99 million reported in the same period of the year prior. However, it was bad news for Del Taco stock by coming in well below Wall Street’s revenue estimate of $120.00 million for the quarter.
Del Taco also reported earnings per share of 15 cents during the third quarter of the year. The restaurant company’s earnings per share from the third quarter of 2017 was 13 cents. This did beat out analysts’ earnings per share estimate of 14 cents for the period, but wasn’t enough to save Del Taco stock today.
Moving on from earnings, we can talk about the changing downgrade that is also dragging Del Taco stock down on Wednesday. This downgrade to TACO stock comes from BTIG Research. The research firm is dropping TACO stock from a “Buy” rating to a “Neutral” rating.
While it isn’t a downgrade, it is worth mentioning that another research firm dropped its price target for Del Taco stock today. This price target change comes from Wedbush. It dropped its price target for TACO stock from $17 per share to $15 per share. However, it still maintains its “Outperform” rating for the stock.
All of the bad news for TACO stock today had it down 8% in the morning. The stock is also down 11% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.