BJRI - Here's Why BJ's Restaurants Stock Popped Today
2023-07-12 15:29:00 ET
Shares of casual-dining chain BJ's Restaurants (NASDAQ: BJRI) popped on Wednesday after a prominent analyst said the stock was one of his best investment ideas right now. Those are strong words that excited investors. And BJ's stock was consequently up 10% as of 2:15 p.m. ET.
BJ's stock is now up more than 70% over the past year and outperforming the S&P 500 by a wide margin. But according to Wedbush analyst Nick Setyan, more upside could be ahead. As reported by Markets Insider, Setyan just put a $38 per-share price target on the stock, which implied about 19% upside before today's pop.
Setyan reportedly believes that same-store sales for BJ's are going to be strong in the second quarter of 2023. That seems like a reasonable expectation considering same-store sales increased by 9% in the first quarter.
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Here's Why BJ's Restaurants Stock Popped Today