Oppenheimer Reiterates Outperform Rating, $38 PT on BJ's Restaurants on Revisions Bottoming-Out

In a report published Wednesday, Oppenheimer analyst Brian Bittner reiterated an Outperform rating and $38.00 price target on BJ's Restaurants

. In the report, Bittner noted, “After a painful 12 months of earnings "resets", our analysis suggests revisions have finally bottomed-out. We see upside to fresh '13/'14 Street estimates for the first time in over a year. While 1Q13 will be a well-known mess, consensus already reflects, and possibly overcompensates for traffic and margin erosion for FY. This creates a low bar for a company positioned to benefit from: 1) a recent trough in industry trends and improving consumer health—especially in CA; 2) easy company-specific comparisons; 3) addition of TV ads to ~25% of footprint; and 4) potential margin improvement off a very investment-intensive year in '12.” BJ's Restaurants closed on Tuesday at $31.41.