UPDATE: Sterne Agee Raises PT on BJ's Restaurants to $62

Sterne Agee is out with its report today on BJ's Restaurants (NASDAQ: BJRI), raising its PT from $49 to $62.

In a note to clients, Sterne Agee writes, "We continue to view BJRI as the most attractive growth company in casual dining with the potential to more than triple its store base. We are also encouraged by the recent strength in comps/traffic as we believe that same-store sales remain among the highest in casual dining. BJRI's ability to gain market share stems from its more upscale facilities (compared to other bar & grill operators), menu innovation and excellent price/value equation, in our view. Accordingly, we are reiterating our BUY rating and are increasing our target price to $62 (from $49). "

Shares of BJRI closed Friday at $54.28.