Stephens lowered the firm’s price target on Texas Roadhouse (TXRH) to $168 from $175 and keeps an Equal Weight rating on the shares after the company delivered “solid” Q3 results. While “constructive” on the brand’s traffic leadership and operational discipline, the firm views the beef cycle as a headwind that tempers incremental upside in the near term, the analyst tells investors in a post-earnings note.
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