Morton's Restaurant Group Reports Challenging Quarter

Oppenheimer has published a research report on Morton's Restaurant Group (NYSE: MRT) after the company experienced a challenging quarter and is having estimates lowered.

In the report, Oppenheimer writes "MRT's 3Q10 recurring EPS were below our estimate, but in line with consensus and
guidance. Management cited particular strength in the Midwest, DC, Singapore, Toronto and Hong Kong. However, management lowered guidance for 4Q and 2010. With current SSS tracking below guidance, we remain concerned MRT may not see the comp acceleration management anticipates in December. As a result, we are lowering estimates for 4Q10 and 2011. We maintain a Perform rating as we think upside from current valuation requires greater growth, sales momentum and stronger margins."

Oppenheimer maintains its Perform rating on Morton's Restaurant Group, which closed yesterday at $5.57.