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UPDATE: Stifel Reiterates on Texas Roadhouse Following Strong 3Q13 Results

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In a report published Tuesday, Stifel analyst Paul Westra reiterated a Buy rating on Texas Roadhouse (NASDAQ: TXRH), and raised the price target from $30.00 to $35.00.

In the report, Stifel noted, “We reiterate our Buy rating on TXRH shares after TXRH posted full details to its partially leaked 3Q13 release including: (1) 3Q13 OpEPS of $0.24 (versus our $0.24E; consensus' $0.25E) on ‘slightly worse' company comps offset by ‘slightly better' margins; and where management noted (2) Oct13 company store comps were running an “above-consensus” +3.4% (vs. our unchanged 4Q13 +3.5%E; consensus' 4Q13 +3.0%E) which outpaces the casual dining industry by +340bp (vs. our Oct13 casual-dining comp estimate of 0.0%E). We maintain our forward above-consensus 4Q13/2014 EPS estimates of $0.26E/$1.35E (vs. consensus' $0.25E/$1.31E) and update our DCF-based RIPE model assumptions and as a result, update our price target to $35 (vs. prior $30). We continue to expect TXRH to outperform its mass-casual peers by continuing to take market share amidst the improving macro dining-out recovery that we expect to take hold in earnest in 2014/2015.”

Texas Roadhouse closed on Monday at $28.30.

Latest Ratings for TXRH

DateFirmActionFromTo
Dec 2014RBC CapitalDowngradesOutperformSector Perform
Nov 2014WunderlichMaintainsHold
Nov 2014BarclaysMaintainsOverweight

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Posted-In: Paul Westra StifelAnalyst Color Price Target Analyst Ratings

 

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