Piper Jaffray Upgrades BJ's Restaurant To Overweight

According to Piper Jaffray, BJ's Restaurants (NASDAQ: BJRI) shares are upgraded to Overweight.

Piper Jaffray said that it is upgrading shares of BJRI to Overweight (from Neutral) based on the company's trend of same-store-sales outperformance (of both peers and Knapp Track) and its favorable unit growth profile. “Although shares continually trade at elevated multiples relative to peers, we remain convinced that the company's best-in-class operational abilities, everyday affordable value prop, and multi-year growth profile create a unique formula to support premium valuation for the foreseeable future. Thus, we are increasing our rating to Overweight (from Neutral) and are increasing our price target to $50 (from $39).”

BJ's Restaurants closed yesterday at $46.03.