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In a report published Wednesday, Sterne Agee reiterated its Buy rating on BJ's Restaurants
BJRI, but lowered its price target from $45.00 to $38.00.
Sterne Agee noted, “BJRI announced results that were essentially in-line with our estimates. However, the outlook for 1Q13 was cautious given calendar shifts and decelerating industry SSS. We are reducing our estimates to reflect N-T industry challenges, but we continue to believe that BJRI is well positioned to gain share over the L-T given superior food/facilities vs. its competitors. In addition, BJRI is in the early stage of its growth cycle - with 131 stores vs. an est. U.S. potential of 425. Maintaining BUY.”
BJ's Restaurants closed on Tuesday at $33.10.
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