UPDATE: Miller Tabak Cuts PT to $30 on Bravo Brio Restaurant Group Following Quarterly Results

Miller Tabak reiterated its Buy rating on Bravo Brio Restaurant Group

but reduced its price target from $25 to $20. Miller Tabak noted, "We reiterate our Buy rating on Bravo Brio (BBRG) despite yesterday's disappointing quarterly results as we assert yesterday's announcement of a share buyback authorization will address concerns about recent underperformance, and thus stop the recent decline in the stock. … As the company's share now trade at their 52-week low with a valuation more akin to a more mature restaurant company, we argue there is room for more substantial upside in the share price, and given BBRG's arguably tepid comp growth in the past couple of years, we do not rule out the possibility of private equity involvement." Bravo Brio Restaurant Group closed at $13.80 on Tuesday.