Baird upgraded Texas Roadhouse to Outperform from Neutral with a price target of $175, up from $160. The shares “still may have plenty of room to run” even when factoring in the recent strength, the analyst tells investors in a research note. The firm believes “continued signs of standout same-store traffic performance” along with progress on improving profitability in 2024 will help to support positive investor sentiment and premium valuation metrics on Texas Roadhouse, allowing the stock to work higher over the next 12 months as the earnings base rises.
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