UPDATE: Wunderleich Securities Lowered Price Target on BJ's Restaurants Based on Weak Q413 Results

In a report published on Tuesday, Wunderleich Securities Analyst Robert Derrington reiterated a Buy rating on BJ's Restaurants BJRI and lowers the price target from $31 to $29. BJ's Restaurant had lower-than-expected Q413 results, which are leading to lower EPs estimates in FY14.

In the report, Wunderleich Securities stated, "Given its weakened sales,traffic, and earnings trends, we would argue that a 25-30x P/E appears more appropriate (implying PT range of $27-$33) given its stronger-than-industry unit growth of ~12% juxtaposed to the risk of further sales and earnings degradation. Given its volatile operating trends and factoring a P/E multiple toward the mid-point of that range yields our revised lower PT of $29, down from $31."

BJ's Restaurants closed on Monday at $28.92.