UPDATE: Loop Capital Starts Texas Roadhouse (TXRH) at Buy

(Updated - October 5, 2021 4:28 PM EDT)

Loop Capital analyst Alton Stump initiates coverage on Texas Roadhouse (NASDAQ: TXRH) with a Buy rating, PT $121.00.

The analyst comments "TXRH’s comps recovered nicely during 1H21 after a challenging 2020. During 1H21, Texas Roadhouse’s comps returned to positive territory versus pre-pandemic 2019 levels, a very impressive achievement for casual diner given the fact the country did not fully reopen until late 2Q21. Specifically, TXRH’s company-owned comparable sales grew 8.6% in 1Q21 and 21.3% in 2Q21 compared to 2019. The company’s leverage to the Southwest, Southeast and Midwest undoubtedly helped since markets were reopened sooner across most of these areas in comparison to coastal regions of the country. Second, the average consumers in TXRH’s core markets are predominantly in non-urban regions and therefore returned more quickly to eating out more often versus consumers in coastal urban centers. Third, Texas Roadhouse placed significant emphasis since the pandemic outbreak on increased messaging behind its “To-Go” off-premise platform."

For an analyst ratings summary and ratings history on Texas Roadhouse click here. For more ratings news on Texas Roadhouse click here.

Shares of Texas Roadhouse closed at $94.08 yesterday.

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