UPDATE: Wedbush Upgrades Chuy's Holdings on No Longer Seeing Near-Term Adverse Catalyst

In a report published on Monday, Wedbush analyst Nick Setyan upgraded Chuy's Holdings CHUY from Underperform to Neutral and raised the price target from $30 to $40.

In the report, Wedbush stated, "With our checks indicating SSS growth and new unit opening volumes NEUTRAL
tracking ahead of expectations in Q2, we no longer see a near-term adverse catalyst to Chuy's premium valuation. Furthermore, with management signaling its willingness to take price in the face of possible healthcare headwinds, with transactions on a positive trajectory, and with new stores' maturation cycles shortening, we're less concerned about a long-term lack of leverage."

Chuy's Holdings closed on Friday at $38.91.