Wedbush Downgrades BJ's Restaurants (BJRI) to Neutral
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Wedbush downgraded BJ's Restaurants (NASDAQ: BJRI) from Outperform to Neutral with a price target of $40.00 (from $47.00), citing risk to current consensus EPS.
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 2H:16 and 2017 consensus estimates exists. Therefore, we are lowering our rating to NEUTRAL from OUTPERFORM."
The firm is increasing 2016 EPS estimate to $1.74 from $1.69 versus $1.85 consensus. They are also increasing 2017 EPS estimate to $2.07 from $1.94 versus consensus of $2.13.
Shares of BJ's Restaurants closed at $38.94 yesterday.
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