Morgan Keegan Reports Q1 On BJ's Restaurants

According to Morgan Keegan, BJ's Restaurants BJRI saw impressive Q1 on strong revenue. Morgan Keegan said that it is raising the price target to $42, assuming 33x our 2012 EPS, 12.5x 2012 EBITDA. “While we believe a considerable premium to its peers is warranted given its significant unit growth and consistent SSS/traffic outperformance, we believe multiple expansion appears limited.” BJ's Restaurants closed yesterday at $43.45.