Chuy’s downgraded to Hold from Buy at Jefferies

Jefferies downgraded Chuy‘s to Hold from Buy with a price target of $24, down from $38. The analyst believes the company’s same-store-sales and traffic through 2025 “will materially lag behind peers” and that its 2024 guidance is too optimistic. Chuy’s has a lack of meaningful traffic-driving initiatives, the analyst tells investors in a research note. The firm says the company faces a tough traffic outlook with low visibility into any improvement.