Oppenheimer downgrades BJ’s Restaurants, says model now in line with consensus

Oppenheimer downgraded BJ’s Restaurants (BJRI) to Perform from Outperform. The company’s underlying fundamentals appear solid, but the firm relinquished its prior Outperform thesis as it was underpinned by a scenario where restaurant margins outpunch forecasts and enable robust earnings upside, the analyst tells investors in a research note. The firm added that its model is now in line with consensus, and it lacks an argument for multiple expansion.