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According to a research report published today by Morgan Keegan, Texas Roadhouse
TXRH no longer needs to be fearful of beef costs rising as it reported strong topline momentum.
“Despite a still difficult food inflation outlook of 8%, FY12 guidance now includes ~5% EPS growth implying $0.92 (prev. MK $0.83/Str $0.89) on 4-5% SSS and 25 new restaurants. We have raised our FY12, FY13 EPS projections to $0.92, $1.10,” Morgan Keegan said in the report.
Morgan Keegan maintains its Outperform rating and raises Texas Roadhouse's PT from $17 to $19. Texas Roadhouse closed yesterday at $16.30.
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