Stable Outlook for Texas Roadhouse Amid Growth and Inflation ChallengesWe remain OW. Our take: A generally stable quarter for TXRH about as expected, though we don't see it driving upward revisions, and therefore perhaps not much in the way of a stock response, but the longer-term story is consistent and category tailwinds continue. 2Q saw a solid SSS beat, albeit not a blowout result, with demand clearly intact but beef inflation impacted earnings, and was taken higher here within the FY inflation guide, likely source of modest pressure on 2H expectations. This isn't surprising given what we have seen in spot prices, though some forward indicators are starting to turn for beef. Labor is a partial offset and was favorable vs our estimate in 2Q. Continued labor productivity gains (which were evident this quarter) could remain a help, but we temper margins here accordingly.