UPDATE: Piper Jaffray Raises PT to $19 on Del Frisco's Restaurant Group on Solid Q4 Results
Piper Jaffray maintained Del Frisco's Restaurant Group (NASDAQ: DFRG) with an Overweight rating and raised the price target from $17.00 to $19.00.
Piper Jaffray said, "Same-store sales at [the company's] namesake Del Frisco's restaurants of +5.9% and (1.9%) at its Sullivan's steakhouse restaurants came in ahead of and slightly below expectations at +2.0% and +0.5% respectively. We believe first quarter-to-date trends are running in the (LSD) range and have updated our model accordingly. That said, we believe comps will continue to improve as we move through the year. We maintain our Overweight rating and are increasing our price target to $19 PT on DFRG shares based on 17x FY14E EPS (from $17 based on 17x FY13 EPS prior)."
Del Frisco's Restaurant Group closed at $17.63 on Wednesday.
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