UPDATE: Deutsche Bank Raises PT on Del Frisco's Restaurant Group on Well-Positioned Business Model

In a report published Monday, Deutsche Bank reiterated its Buy rating on Del Frisco's Restaurant Group

, and raised its price target from $18.00 to $20.00. Deutsche Bank noted, “DFRG shares continue to trade at a discount to the industry (18.9x 2013E vs. ~20x), despite above-avg. SSS trends, good visibility on double-digit unit growth, and a track record for conservative guidance. With a business model focused on high-income consumers and business spending, we believe the story is well-positioned for the current macro environment. Maintain Buy. EPS was $0.31 vs. DBe and cons. $0.29. Blended SSS were +2.7% vs. DBe +2.2% and cons. +2.0%. Del Frisco's comps (+5.9%) were well above forecasts (despite Sandy drag), while Sullivan's (-1.5%) was below. EBIT margin was 50bps above model, mainly due to lower marketing expense. Adj. EBIT was $10.7mm (-12% y/y), ahead of DBe $10.3m and cons. $10.4mm. All Grilles are performing at or above expectations. The Chicago Del Frisco's (opened Dec. 1) is performing well above expectations.” Del Frisco's Restaurant Group closed on Friday at $17.73.