Piper Jaffray Maintains Neutral on McCormick & Schmick's (MSSR)

Piper Jaffray is out with its report today on McCormick & Schmick's (NASDAQ: MSSR), maintaining Neutral.

In a note to clients, Piper Jaffray writes, "Travel data showed continued improvement in February, which we highlight as a positive update for those concepts benefiting from and exposed to our 'high-end' consumer recovery thesis. Steadily improving, highly-correlated industry metrics, such as hotel RevPAR, remain in positive territory with 8.0% y/y growth in February, and luxury hotel RevPAR at 10.4% y/y which again trumped overall RevPAR. We believe these results suggest that recent strength in same-store sales for our higher-end covered restaurant names may have continued into 1Q11. We maintain our Neutral rating and $9 price target on MSSR shares."

Shares of MSSR closed Thursday at $7.17, down 5.16% from Wednesday's close.