Texas Roadhouse price target raised to $120 from $110 at BTIG

BTIG raised the firm’s price target on Texas Roadhouse to $120 from $110 and keeps a Buy rating on the shares after meeting with its Senior Director of Investor Relations and Chief Marketing Officer. The company’s sales trends have remained strong with average weekly sales likely accelerating through the first quarter and reaching record levels in March on the heels of market share gains from fast casual and fine dining, the analyst tells investors in a research note. BTIG adds that the company stands to benefit from a 5.9% of menu price increase in Q1, as well as some modest improvement in traffic due to trade down.