Deutsche Bank initiated coverage of Texas Roadhouse with a Buy rating and $111 price target. Texas Roadhouse’s top line has been “impressive” with SSS up 40% vs. 2019, with traffic up 15%, outperforming nearly every public restaurant company, the analyst tells investors in a research note. The top line strength should continue to drive the stock, and Deutsche Bank thinks Texas Roadhouse offers the strongest value in the segment, and should return to margin expansion in Q4 and into 2024, a notable inflection following what will be seven quarters of margin contraction.
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