UPDATE: KeyBanc Capital Markets Initiates Coverage of Bravo Brio Restaurant Group with Hold Rating

In a report published Friday, KeyBanc Capital Markets initiated coverage on Bravo Brio Restaurant Group

with a Hold rating, but did not name a price target. KeyBanc noted, “We are initiating coverage...for the following reasons: 1) 2013 EPS estimates (Street $1.13 vs. KBCM $1.08) seem to offer minimal upside potential; 2) timing of Bravo's SRS recovery is uncertain and appears largely dependent on Ohio and Michigan economies; and 3) in order for shares to be revalued higher, the source of EPS growth needs to transition to unit expansion, rather than SRS recovery and margin expansion.” Bravo Brio Restaurant Group closed yesterday at $18.57.