UPDATE: KeyBanc Capital Markets Initiates Coverage on BJ's Restaurants with Hold Rating

In a report published Friday, KeyBanc Capital Markets initiated coverage on BJ's Restaurants BJRI with a Hold rating. KeyBanc noted, “BJ's Restaurants continues to be one of the most credible unit and EPS growth companies in the industry. The polished casual pizza and beer chain now has 122 locations, almost half of which are in California, and continues to grow units at a double-digit percentage pace. The Company has executed well within the four walls, building margin and growing SRS above the industry rate. While we continue to expect the Company to deliver above-industry SRS growth, we do expect a moderation from the strong growth of recent years. Moreover, we believe the revenue contribution from new units may slow as the chain opens a greater number of units outside California.” BJ's Restaurants closed yesterday at $38.76.