Zacks Investment Research upgraded shares of BJ's Restaurants Inc. (BJRI) from UNDERPERFORM to NEUTRAL on January 30, 2013, with a target price of $34.00.
We are upgrading our recommendation on BJ's Restaurants to Neutral from Underperform based on its decent sales preview for the fourth quarter. We believe BJ's will be able to drive top-line growth momentum on the heels of operating efficiencies, innovative offerings and several sales-building measures over the long term. The company remains in an expansion spree, which will provide it with greater scale and consequent cost efficacy, going forward. Alongside, BJ's believes that there is room for at least 425 restaurants in the U.S. The food cost outlook also remains relatively favorable for fiscal 2013. The company will also likely take some additional menu pricing in 2013.
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