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, "Improving travel trends remain a positive data point for MSSR shares (travel/corp spend drives ~30% to ~40% of transactions). That said, we believe the stock may be range bound near-term as there has been a tender offer announced for MSSR shares. We calculate a 1.0% change in same-store equates to an approximate $0.05 impact (on an annual basis)."

Piper Jaffray has a $9 PT on MSSR.

Shares of MSSR closed Friday at $9.35, down 1.58% from Thursday's close.