Proactive Changes Drive Success: How BJ's Restaurants Is Set To Exceed Conservative Projections According To This Analyst
Portfolio Pulse from Shivani Kumaresan
Wedbush analyst Nick Setyan has reiterated an Outperform rating on BJ's Restaurants Inc (BJRI) with a price target of $38. The analyst's Q2 checks point to same-store-sales (SSS) growth in line with the consensus of 4.4%. Positive factors include improved guest traffic, sustained off-premise sales, and improved staffing levels. The analyst also lowered Q2 labor estimate to 36.8% from 37.0% and increased the 2023 and 2024 EPS estimates. BJRI shares are trading higher by 10% at $35.15.
July 12, 2023 | 4:56 pm
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Wedbush analyst Nick Setyan has reiterated an Outperform rating on BJ's Restaurants Inc (BJRI) with a price target of $38. The analyst's Q2 checks point to same-store-sales (SSS) growth in line with the consensus of 4.4%. The analyst also lowered Q2 labor estimate to 36.8% from 37.0% and increased the 2023 and 2024 EPS estimates. BJRI shares are trading higher by 10% at $35.15.
The analyst's positive outlook on BJRI, including the reiteration of an Outperform rating and a price target of $38, is likely to instill confidence in investors. The reported same-store-sales growth in line with consensus, improved guest traffic, sustained off-premise sales, and improved staffing levels are all positive indicators for the company's performance. The increase in the 2023 and 2024 EPS estimates also suggests a positive future outlook. As a result, the stock price has increased by 10%.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100