Piper Jaffray Maintains Rating, PT On MRT

Piper Jaffray is maintaining its Overweight rating and its $9 price target on Morton's Restaurant MRT in light of June's improved travel trends. According to Piper Jaffray, “Travel data showed continued improvement in June, which we highlight as a positive update for shares of MRT given the company's exposure to our "high-end" consumer recovery thesis. Steadily improving, highly correlated industry metrics, such as hotel RevPAR, remain in positive territory with 7.7% y/y growth in June. Although luxury hotel RevPAR data for June was not available at the time of this report we would note that it has outpaced overall RevPAR for the past 18 months. Given these favorable tailwinds and the company's ongoing focus around restaurant-level execution, we maintain our Overweight rating and $9 price target on MRT shares.” MRT closed at $7.55 yesterday.