UPDATE: Morgan Keegan Raises Texas Roadhouse PT, Beef Cost Fears Dwindle

According to a research report published today by Morgan Keegan, Texas Roadhouse (NASDAQ: TXRH) no longer needs to be fearful of beef costs rising as it reported strong topline momentum.

“Despite a still difficult food inflation outlook of 8%, FY12 guidance now includes ~5% EPS growth implying $0.92 (prev. MK $0.83/Str $0.89) on 4-5% SSS and 25 new restaurants. We have raised our FY12, FY13 EPS projections to $0.92, $1.10,” Morgan Keegan said in the report.

Morgan Keegan maintains its Outperform rating and raises Texas Roadhouse's PT from $17 to $19. Texas Roadhouse closed yesterday at $16.30.