UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Bravo Brio Restaurant Group

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Bravo Brio Restaurant Group

, but lowered its price target from $23.00 to $20.00. Jefferies noted, “EPS $0.14 vs our/consensus $0.15/0.16. SSS -0.9% vs our/consensus ~0% & Oct -2% as consumer environment remains sluggish. '12 guide lowered on miss & prelim '13 SSS/units below consensus, but we think mgmt's conservatism is prudent given macro trends. We think stock already reflects this caution & remain buyers at current valuation. Our ‘12/13 EPS trimmed to $0.91/0.99 (from $0.92/1.05). PT $20 (from $23).” Bravo Brio Restaurant Group closed on Tuesday at $13.80.