UPDATE: Jefferies Raises PT on Fiesta Restaurant Group Following Strong EPS Beat

In a report published Friday, Jefferies analyst Alexander Slagle reiterated a Buy rating on Fiesta Restaurant Group FRGI, and raised the price target from $34.00 to $35.00.

In the report, Jefferies noted, “EPS $0.21 beat our/cons $0.20, as Pollo Tropical SSS came in above expectations (+6.4% vs. cons 4.8%), and stores in new markets performing in-line with expectations. Development outlook for '13 raised above the high end of previous guidance & '14 pipeline appears to be in great shape. We raised our ‘14 EPS to $1.00 (fr $0.97); PT $35 (fr $34).”

Fiesta Restaurant Group closed on Thursday at $31.43.