Baird analyst David Tarantino earlier today downgraded Texas Roadhouse to Neutral from Outperform with an unchanged price target of $62. The stock in late morning trading is down 63c to $62.34. The analyst sees a more balanced risk/reward profile with the recent rally in the shares pushing them above his price target. Tarantino remains confident in Texas Roadhouse's internal fundamentals and continues to believe Q4 and 2020 estimates are attainable. However, the stock's current valuation metrics more appropriately balance the positives of the story with the potential risks related to the casual dining industry outlook, Tarantino told investors in a research note. The analyst would look to return to a more constructive near-term stance on stock pullbacks.