UPDATE: Stifel Upgrades Chuy's Holdings to Buy, Names $48 PT on Raised Estimates

In a report published Wednesday, Stifel analyst Paul Westra upgraded the rating on

from Hold to Buy, and named a $48.00 price target. In the report, Stifel noted, “We upgrade our rating of Chuy's Holdings, Inc. (CHUY) shares to Buy from Hold because: (1) Long-Term: we view Chuy's as a winning, food-and-environment-forward brand that is destined to become the first-ever successful national full-service Mexican chain given our strong belief that Americans are now ready for a dining-room-centric (as opposed to bar-centric) Mexican full-service experience; and (2) Short-Term: we believe that the ‘market maturation curve' of CHUY's Classes of 2012-2014 stores will reverse from a ‘headwind' into a ‘tailwind' in 2015-2017. We increase our 4Q14/2015/2016 EPS estimates to $0.20/$1.00E/$1.30E (vs. consensus' $0.19E/ $0.94E/$1.15E).” Chuy's Holdings closed on Tuesday at $28.95.