Raymond James analyst Brian Vaccaro downgraded Texas Roadhouse to Outperform from Strong Buy with a price target of $110, down from $115. Intensifying beef inflation headwinds cloud the company’s 2023 margin outlook, partially offsetting the firm’s very positive view of the company’s impressive market share gains during the pandemic and long-term EPS potential, Vaccaro tells investors in a research note. COGS could remain towards the top end of the company’s historical range potentially over the next couple of years, prolonging its recovery to historical store margins in the 17%+ range, the analyst contends.
Published first on TheFly
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