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Fly News Breaks for May 17, 2019
TXRH
May 17, 2019 | 07:22 EDT
As previously reported, BTIG analyst Peter Saleh upgraded Texas Roadhouse to Buy from Neutral with a price target of $64. The analyst cites the recent weakness in the stock price as well as his outlook for improvement in restaurant margins after several years of decline given the management's efforts to offset wage inflation with higher prices. Saleh believes that Texas Roadhouse menu price increases will be "well above" the historical range so as to defend margins and support the company's earnings. The analyst adds that the related traffic risk is "more than fully discounted" in the current stock price.
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