Oppenheimer Downgrades BJ's Restaurants (BJRI) to Perform

Oppenheimer downgraded BJ's Restaurants (NASDAQ: BJRI) from Outperform to Perform.

Analyst Brian Bittner commented: "Our margin-driven earnings thesis has played out nicely. Over the last year, Street estimates for ’16 have revised upwards by 20% and are now caught up to our projections. We believe future earnings beats will now become more sales-reliant. While mgmt is executing superbly, we don’t have the conviction or evidence to suggest comps will outperform – the now must-have recipe for earnings/stock outperformance. Valuation of 23x ‘16E P/E (9x EBITDA) is not stretched vs historical averages, but will need sales outperformance to meaningfully expand."

For an analyst ratings summary and ratings history on BJ's Restaurants click here. For more ratings news on BJ's Restaurants click here.

Shares of BJ's Restaurants closed at $43.47 yesterday.

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