BJRI - Here's Why BJ's Restaurants Stock Popped to End the Week
2023-10-27 16:44:35 ET
Shares of brewhouse restaurant chain BJ's Restaurants (NASDAQ: BJRI) popped almost 9% to end the week after reporting financial results for the third quarter of 2023. This one is a bit of a head-scratcher, considering financial results missed expectations and analysts lowered price targets. The stock was even down as much as 5% early in the session before jumping to as much as a 10% gain.
In Q3, BJ's generated total revenues of $318.6 million, which was up 2.3% year over year. Not only was the growth modest, it was lower than Wall Street's expectations. On the bottom line, the company had a net loss of $3.8 million, which was worse than its net loss in the prior-year period.
Multiple analysts lowered their price targets for BJ's Restaurants stock in light of its performance in Q3. For example, Citi analyst Jon Tower had previously recommended holding the stock and gave it a price target of $29 per share. Tower still recommends holding but lowered his price target to $28 per share, according to StreetInsider.
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Here's Why BJ's Restaurants Stock Popped to End the Week