Shares of Chuy's CHUY have rallied more than eight percent Wednesday after an initial drop off after-hours Tuesday following the company's second quarter earnings.
As the Street digested Chuy's earnings, Jefferies published a note in which it upgraded the company's stock from Hold to Buy and lowered the price target from $34 to $33.
The team at Jefferies wrote, "We are upgrading Chuy's Holdings to a Buy (from Hold) as we think the co. is setting up for a return to 25+ percent EPS growth in 2015, with opportunity for upside as growth is concentrated in existing markets, the 2013 stores continue to build volume and margin pressures ease."
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