UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on BJ's Restaurants on In-Line 4Q

In a report published Wednesday, Jefferies reiterated its Hold rating on BJ's Restaurants

, but lowered its price target from $33.00 to $29.00. Jefferies noted, “4Q in line with pre-announcement, but SSS slowed to -0.5% in first 7 weeks of 1Q (cons 3% for 1Q) as the external environment has become increasingly choppy & competitive. With traffic decelerating and no ground-breaking drivers in the near term, we think 1H SSS above 1-2% will be difficult & suspect comps could be flattish. We see restaurant margins down 100-200bps in 1H, and revised our '13 EPS to $1.15. PT to $29.” BJ's Restaurants closed on Tuesday at $33.10.