UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on BJ's Restaurants on Position for Further Gains

In a report published Wednesday, Wunderlich Securities analyst Robert M. Derrington reiterated a Buy rating on

, and raised the price target from $42.00 to $56.00. In the report, Wunderlich Securities noted, “We reiterate our Buy rating on BJs Restaurants (BJRI) and are lifting our price target to $56 from $42. We believe management has laid the foundation for improved performance in future periods and appears on-track to meet its 3-year goal for 19% rest. margins by 2016. We believe management and its Board's plan to leave no-stone-unturned to improve its customer experience, operating trends and shareholder value has BJs well-positioned for further success to come. Despite that, BJRI was recently trading at only 11.7x our revised 2015 EV/EBITDA and 9.9x 2016 vs. its high-growth peer mean of 15.5x and 12.7x respectively. Supported by our estimate for 25-30% EPS growth and factoring an 11.7x multiple to our 2016 estimates, we are lifting our PT to $56 from $42 and reit. our Buy rating.” BJ's Restaurants closed on Tuesday at $48.19.