Wedbush Cuts Price Target on Bj's Restaurants, Inc. (BJRI) to $34; Reiterates Neutral
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Wedbush maintained a Neutral rating on Bj's Restaurants, Inc. (NASDAQ: BJRI), and cut the price target to $34.00 (from $40.00), following the company's 3Q earnings report. EPS of $0.30 was below $0.33 consensus on -3.4% SSS growth vs. -1.9% consensus. A favorable tax rate boosted reported EPS by $0.04.
Analyst Nick Setyan commented, "Given our expectation for muted SSS growth trends and a declining marginal benefit from ongoing cost initiatives, we believe risk to stubbornly high consensus estimates remains."
Shares of BJ's Restaurants closed at $35.69 yesterday.
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