UPDATE: Wunderlich Lowers PT on BJ's Restaurants Following Conversation with CFO

In a report published Wednesday, Wunderlich Securities analyst Robert M. Derrington reiterated a Hold rating on BJ's Restaurants BJRI, but lowered the price target from $42.00 to $32.00. In the report, Wunderlich Securities noted, “We recently chatted with CFO Greg Levin following BJ's (BJRI) recent investor presentation which, while including some encouraging insights to 2014's plan, remains in the face of soft consumer spending, intense competition, and some self-inflicted new unit cannibalization. As a result, we are factoring more cautious assumptions within our 2013 projections, and believe our revised lower 2014 and 2015 projections could still vary materially. While management's plan holds the promise to lift 2014 EPS growth following the past three years of relatively flat EPS, BJRI's previous valuation metrics are likely to trend toward the lower end of historical ranges pending a sustained lift in operating trends. We are resetting our price target to $32 from $42 and reiterate our Hold rating.” BJ's Restaurants closed on Tuesday at $28.80.