Texas Roadhouse downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Brian Vaccaro downgraded Texas Roadhouse to Market Perform from Outperform without a price target. The firm cites valuation for the downgrade, and while it thinks the company can sustain strong market share gains, further multiple expansion could be constrained by macro uncertainty and continued beef inflation concerns over the next 12-18 months, the analyst tells investors in a research note.