Jefferies Lifts Price Target/Estimates On BJ's Restaurants (BJRI)

Jefferies raised estiamtes and its price target on Hold-rated BJ's Restaurants (NASDAQ: BJRI) from $39 to $48.

The firm states, "EPS $0.29 +30% vs our $0.28/cons 0.27 as 6.9% SSS beat our 5.0%/cons 5.2%. Stock weak as June/July SSS not quite as strong at 5.5% on less price (July 4.5% ex.calendar) & traffic slowed. Stock off 8% over past week as other restaurants failed to deliver upside, but 40x P/E is still not cheap. Solid sales trends & price flexibility gives us conf in EPS upside, but stock price assumes this."

FY11 EPS goes from $1.10 to $1.12, FY12 goes from $1.30 to $1.36.

For more ratings news on BJ's Restaurants click here and for the rating history of BJ's Restaurants click here.

Shares of BJ's Restaurants closed at $52.00 yesterday.

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