UPDATE: Raymond James Upgrades Chuy's

In a note released Monday morning, Raymond James analyst Bryan Elliott upgraded shares of Chuy's CHUY from Market Perform to Outperform and set a $32.50 price target.

Elliott wrote, "We would encourage growth investors with investment time horizons to begin to build their positions. We expect the company's new unit volumes and earnings growth rates to improve going forward, which should drive increased confidence in the company's long-term growth algorithm and result in a higher valuation."

Elliott has slightly adjusted his EPS estimates for the company's fiscal third and fourth quarter from $0.21 and $0.18 to $0.20 and $0.20.