As reported earlier, BMO Capital analyst Andrew Strelzik downgraded Texas Roadhouse to Market Perform from Outperform but also raised its price target to $64 from $60. The analyst says that while his fundamental outlook on the company remains "solid" amid "stronger industry comp trends and favorable beef price outlook", the risk/reward in the valuation is more balanced, with the stock trading at its historical average P/E multiple based on his FY19 EPS view. As part of his research note, Strelzik also raised his FY18 EPS target by 7c to $2.42 and FY19 EPS target by 10c to $2.70.