UPDATE: Miller Tabak Reiterates Buy Rating, Lowers PT on Bravo Brio Restaurant Group

In a report published Wednesday, Miller Tabak + Co. reiterated its Buy rating on Bravo Brio Restaurant Group BBRG, but slightly lowered its price target from $26.00 to $25.00. Miller Tabak noted, “We maintain our Buy rating on Bravo Brio (BBRG) following the release of in-line results for the June quarter (2Q12) last night. We still think same-restaurant sales will trend closer to 1% than 2% in 2012, but even with tepid comps, we argue BBRG's fundamentals remain sound. As we expect same-restaurant sales accelerate toward 2% in 2013, partly on the strength of market share gains from weaker rivals, we anticipate BBRG will gain earnings power through a combination of top-line growth and efficiency-driven margin gains. Although we reduce our 12-month price target to $25 (from $26), we view the slight reduction in our earnings outlook for BBRG primarily as a function of an accelerated new unit opening schedule rather than a breakdown in the company's fundamentals. We view BBRG as a ‘growth at a reasonable price' stock that meets all five of our criteria for price appreciation, and as we expect the company to adhere to its long-term goal of 20% EPS growth, we would be buyers of BBRG on any post-earnings dip.” Bravo Brio Restaurant Group closed on Tuesday at $18.07.