Jefferies Raises Price target on Texas Roadhouse (TXRH) Following 1Q Earnings

Jefferies reiterated a Hold rating on Texas Roadhouse (NASDAQ: TXRH), and raised the price target to $39.00 (from $36.00), following the company's 1Q earnings report.

Analyst Andy Barish commented, "TXRH hit our above consensus EPS of $0.55 on slightly better +4.6% sss and the positive benefits of beef deflation, after many years of inflation, allowing restaurant level margins to expand 110 bps. We raise our '16/'17 estimates to $1.72/1.97 (from below consensus $1.66/1.88) and our Price Target to $39 (from $36), which implies 20x P/E on new '17E EPS. We rate Hold as good news baked in."

For an analyst ratings summary and ratings history on Texas Roadhouse click here. For more ratings news on Texas Roadhouse click here.

Shares of Texas Roadhouse closed at $42.06 yesterday.

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