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As per a recent report by the National Restaurant Association, food and beverage sales in the restaurant and foodservice industry are projected to total $789 billion in 2021, up 19.7% from 2020.
Given the industry’s solid growth prospects, we think fundamentally sound stocks in this space Ruth’s Hospitality Group, Inc. (RUTH) and The ONE Group Hospitality, Inc. (NASDAQ:STKS) could be solid bets now. Piper Sandler analyst Nicole Miller Regan has upgraded RUTH to Overweight from Neutral with a $28 price target. Regan noted that the company has “balanced consumer positioning across social, local business and special occasions.” Also, Regan upgraded STKS to Overweight from Neutral with a $17 price target. The analyst sees the company’s potential for multiple expansion and believes it can leverage accelerated global development opportunities.
