UPDATE: Deutsche Bank Lifts PT to $20 on Texas Roadhouse; Q1 Beat

Deutsche Bank increases its price target from $17 to $20 on Hold-rated Texas Roadhouse

from $18 to $20 as the company posts above-expectations quarter. Deutsche Bank comments, "TXRH posted another good quarter with revenue and margins ahead of expectations. Less food inflation, good flow thru on pricing, and better than expected sales leverage on labor are framing a better outlook for margins than previously thought. However, a fairly full valuation (~18x NTM P/E) keeps us at a Hold." TXRH closed at $18.56 on Tuesday.