TXRH - Texas Roadhouse loses a bull after earnings

Texas Roadhouse ( NASDAQ: TXRH ) lost the endorsement of Deutsche Bank on Monday as the firm’s analysts took their rating from “Buy” to “Hold.”

“On the back of TXRH's recent 3Q22 earnings release and outlook, we are moving our rating to Hold, down from our previous rating of Buy,” the downgrade note read. “Overall, this is a Risk Reward and Valuation call, and there is not much more to it than that.”

The analysis explained that a “Buy” rating assigned to the stock previously, and reiterated in the week’s leading up to earnings were predicated on continued upside to around $100 per share. After nearly reaching that level on a solid earnings report, the lack of upside leaves the previously bullish rating inappropriate.

The analysts’ price target on shares remains at $101. Texas Roadhouse ( TXRH ) shares slid 0.88% in premarket trading on Monday.

Read more on the chain’s recent earnings call .

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