Texas Roadhouse price target lowered to $180 from $198 at Baird

Baird analyst David Tarantino lowered the firm’s price target on Texas Roadhouse (TXRH) to $180 from $198 and keeps an Outperform rating on the shares. With the probabilities of an economic slowdown seemingly rising following the “shock” of last week’s tariff announcement, Baird lowered estimates and price targets for the restaurants. It still believes exposure to restaurants remains appropriate, but is “dialing up” a preference for franchisors and keeps Outperform ratings on the businesses it thinks would be positioned to perform reasonably well in a downturn scenario. Baird moved to the sidelines on Portillo’s and Starbucks.