Truist raised the firm’s price target on Texas Roadhouse to $202 from $196 and keeps a Buy rating on the shares as part of a broader research note on the Restaurants sector. Truist Card Data point to broadly improving sales growth for full-service restaurants in August and September, and while the difficult compares in October are a near-term hurdle, they ease in Q4 as a whole, giving the firm some confidence that improving sales trends into year-end may be a positive catalyst for the stocks, the analyst tells investors in a research note. Truist further notes that Texas Roadhouse reported SSS of 8.0% in the first 4 weeks of July and sales growth appears to have accelerated by about 250bps in the 9 weeks since, giving the firm confidence in a sales beat vs. consensus.
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