UPDATE: KeyBanc Capital Markets Upgrades Chuy's Holdings Inc On Greater Confidence

In a report published Monday, KeyBanc Capital Markets analyst Christopher O'Cull upgraded the rating on

from Hold to Buy, and reiterated the $34.00 price target. In the report, KeyBanc Capital Markets noted, “We upgrade CHUY from Hold to BUY ($34PT) based upon our greater confidence in the Co.'s earnings visibility following our proprietary checks around menu pricing, which was recently increased by ~2%. With the issue around new-store profitability likely built into shares following recent underperformance and, moreover, equally likely to fade as a concern, given the probable improvements in 3Q-4Q, we view current valuation as offering a compelling entry point into a higher-growth restaurant concept.” Chuy's Holdings closed on Friday at $28.75.