UPDATE: Wunderlich Securities Reiterates Hold Rating, Raises PT on BJ's Restaurants, Inc. on Strong Q4 Results

In a report published Monday, Wunderlich Securities analyst Robert M. Derrington reiterated a Hold rating on

, and raised the price target from $50.00 to $60.00. In the report, Wunderlich Securities noted, "BJ's Restaurants (BJRI) recently reported much better than projected Q4 results and set a bullish tone for 2015, leading to our revised higher 2015 and 2016 projections. The company reported especially strong Q4 EPS of $0.31 (vs. our/Street $0.21E), with upside driven by better-than-projected operating and restaurant margins, lower-than-guided G&A ($12.3mm vs. $13.5mm guidance), and fewer weighted shares than projected. Based on its strong Q4 trends and our confidence in further improvement to come, we have lifted our 2015E EPS to $1.35 from $1.20, and 2016E EPS to $1.70 from $1.50. However, given the strong move in BJRI shares recently, we resist chasing the shares for a more opportune entry point, though we are raising our price target to $60 from $50. We reiterate our Hold rating." BJ's Restaurants, Inc. closed on Friday at $53.07.