UPDATE: Jefferies Raises PT on BJ's Restaurants to $39 (BJRI)

Jefferies is out with its report today on BJ's Restaurants

, raising its PT from $30 to $39. In a note to clients, Jefferies writes, "Op. EPS of $0.26 beat our $0.20 & cons. of $0.19 as 7.8% SSS beat 5% expectations. Even with the recent rally in the stock, results were strong and the outlook mostly unchanged even if infl at +4% looks a bit higher than BJRI's already conservative guide. Continued solid sales trends & pricing flexibility gives us confident in 34% EPS gr. in '11. Our ‘11 & '12 EPS to $1.10 & 1.30; PT to $39." At the time of posting, shares of BJRI were trading pre-market at $42.00, down 3.34% from Wednesday's close.