Three Restaurants Close Higher After Piper Jaffray Upgrade; Cites Better Corporate Travel/Spending (MRT, MSSR, RUTH)

Shares of Ruth's Hospitality Group (NASDAQ: RUTH), McCormick & Schmick's Seafood Restaurant (NASDAQ: MSSR), and Morton's Restaurant Group (NYSE: MRT) closed higher today as a Piper Jaffray analyst raised their rating on the group. The firm cited an improvement in corporate travel/spending trends, and believed that Ruth's same store sales were stabilizing.

Details and closing price of the three as follows:

• McCormick & Schmick's Seafood Restaurants, Inc. closed up 8.19% to $7.53. Piper upgraded the restaurant to Overweight from underweight, and raised their price target 100% from $5 to $10;
  
  
• Ruth's Hospitality Group Inc. closed up 15.79% to $2.42. Piper Jaffray upgraded Ruth's from Underweight to Neutral with price target of $3; and
  
  
• Morton's Restaurant Group Inc. closed up 5.84% to $3.08. Piper upgraded MRT to Neutral from Underweight with a $3 price target.

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