BJ’s Restaurants price target raised to $32 from $28 at Piper Sandler

Piper Sandler analyst Brian Mullan raised the firm’s price target on BJ’s Restaurants to $32 from $28 and keeps a Neutral rating on the shares after attending the company’s Investor Day. From a practical implications perspective, the firm thinks the clear and primary takeaway was that there is likely upside to consensus RLM’s and therefore adjusted EBITDA in 2024 based on cost savings progress; and this more than anything else is why the stock acted favorably coming out of the event. Management unveiled a new long-term financial growth algorithm which included some implied Full-Year 2026 revenue and adjusted EBITDA targets. In Piper’s view, the idea of getting investors to embrace and believe in said level of multi-year growth at BJ’s Restaurants is going to face a pretty high hurdle, given the category that the company participates in.