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Fly News Breaks for October 30, 2018
TXRH
Oct 30, 2018 | 07:41 EDT
RBC Capital analyst David Palmer lowered his price target on Texas Roadhouse to $66 after its Q3 earnings miss, saying the company's labor and G&A costs were "surprisingly high" in the quarter. The analyst adds that he now assumes corporate margins will track below 8% for the first time since the financial crisis which he considers "surprising" because of the assumption of pricing power from "years of uninterrupted traffic growth". Palmer also keeps his Outperform rating longer term, anticipating Texas Roadhouse to take measures that bring margins back to the historical average of about 18%.
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