Fly News Breaks for February 4, 2020
Feb 4, 2020 | 07:39 EDT
As previously reported, Wedbush analyst Nick Setyan upgraded Texas Roadhouse to Outperform from Neutral with a price target of $74, up from $57. The analyst says his Q4 checks point to system same-store sales growth in-line to slightly above 4.4% consensus, with local marketing the primary call-out. Further, Setyan believes incremental menu price increase in 2020 is not baked into current expectations and with increasing margin visibility, is poised to lead to EPS upside in 2020. Overall, he expects increased investor confidence in management's willingness to protect four-wall margins to increase visibility into Texas Roadhouse's long-term EPS algorithm, leading to a higher valuation.
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