Chuy’s price target lowered to $40 from $45 at Stephens

Stephens analyst Joshua Long lowered the firm’s price target on Chuy‘s to $40 from $45 but keeps an Overweight rating on the shares. The company reported Q3 earnings that included stronger-than-expected revenues, margins, and EPS, and it was encouraging to hear that costs across the food basket continue to normalize, the analyst tells investors in a research note. The firm adds however that the development pipeline Chuy’s remains affected by the ongoing headwinds in the current permitting environment.