UPDATE: Piper Jaffray Increases PT to $45 on BJ's Restaurants Post Meeting With Company Executives

Piper Jaffray reiterated its Overweight rating on BJ's Restaurants (NASDAQ: BJRI) and increased its price target from $43 to $45.

Piper Jaffray said, "We walked away from our investor meeting with management of BJRI incrementally confident in the company's long-term growth profile and ability to remain at the head of the industry through perpetually reinvesting in the guest experience. Despite the challenging operating environment, and following our bevy of investor meetings of late, we believe investors may be in the process of narrowing their focus within restaurants to the best-of-breed names which we believe supports our ongoing preference for shares of BJRI as a "Next Generation" concept."

BJ's Restaurants closed at $40.51 on Wednesday.

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