UPDATE: Sterne Agee Reiterates Buy Rating, Lowers PT on BJ's Restaurants on Adjusted Estimates

In a report published Wednesday, Sterne Agee reiterated its Buy rating on BJ's Restaurants

, but lowered its price target from $45.00 to $38.00. Sterne Agee noted, “BJRI announced results that were essentially in-line with our estimates. However, the outlook for 1Q13 was cautious given calendar shifts and decelerating industry SSS. We are reducing our estimates to reflect N-T industry challenges, but we continue to believe that BJRI is well positioned to gain share over the L-T given superior food/facilities vs. its competitors. In addition, BJRI is in the early stage of its growth cycle - with 131 stores vs. an est. U.S. potential of 425. Maintaining BUY.” BJ's Restaurants closed on Tuesday at $33.10.