UPDATE: Miller Tabak Downgrades P.F. Chang's China Bistro; Raises PT

According to a research report published this morning, Miller Tabak has downgraded P.F. Chang's China Bistro

from Buy to Hold, and raised PT from $44 to $51.50. In the report, Miller Tabak said, "PFCB posted weaker-than-expected results in 1Q12 amid its uneven turnaround, but this news was overshadowed by yesterday's takeover news. We do not anticipate a competing bid to yesterday's $51.50 per share offer as PFCB is above our $47 fair value calculation based on a break-even analysis." P.F. Chang's closed yesterday at $51.48.