Texas Roadhouse price target raised to $136 from $110 at Piper Sandler

Piper Sandler raised the firm’s price target on Texas Roadhouse to $136 from $110 and keeps a Neutral rating on the shares following quarterly results. The Q4 company owned same-store-sales result of +9.9% was above consensus, and RLMs showed year-over-year leverage for the first time in eight quarters, which was a positive, the firm says. Importantly, Piper further notes that Q1 2024-to-date same-store sales are running +6.8% through the first 50 days of the quarter, with quarter-to-date traffic running +3%.