Piper Sandler analyst Brian Mullan downgraded Texas Roadhouse to Neutral from Overweight with an unchanged price target of $110. “This is a valuation call pure and simple,” the analyst tells investors in a research note. The firm says the stock has moved through its price target that it is trying to maintain discipline with ratings. Piper is also becoming incrementally cautious on the full service restaurant sector entering 2024. Industry traffic is in a tough spot, incremental menu pricing seems harder and harder to defend, and tough compares lie immediately ahead, Piper contends.
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