UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Texas Roadhouse on 4Q Beat

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Texas Roadhouse TXRH, and raised its price target from $20.00 to $22.00. Deutsche Bank noted, “TXRH delivered a high-quality beat on 4Q and continues to outperform industry peers on SSS. We're bumping up 2013E EPS to $1.15 from $1.13, which still feels a bit conservative. Current valuation of 15x ‘13E P/E (vs. peer group ~18x) does not reflect above-avg. unit growth, a consistent positive gap to industry SSS trends, a track record for healthy EPS growth (even in times of beef infl.), and strong c/f, in our view. Buy.” Texas Roadhouse closed on Tuesday at $17.50.