UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT on BJ's Restaurants Following Management Meetings

In a report published Monday, Oppenheimer analyst Brian Bittner reiterated an Outperform rating on BJ's Restaurants

, and raised the price target from $38.00 to $43.00. In the report, Bittner noted, “Despite a 20% run since early-April (S&P +7%), we believe the stock remains attractive and increase PT to $43 from $38. BJRI's sensitive earnings model holds unique leverage and we have conviction for upward revisions to '13/'14. Conservative Street operating assumptions provide a low bar for a newly-led mgmt with maniacal focus on elevating four-wall metrics and driving new efficiencies. Long-term growth thesis also intact with new markets ready to sprout and a long runway before growth worries should enter conversation, in our view.” BJ's Restaurants closed on Friday at $37.49.