Texas Roadhouse’s Q2 Preview

Deutsche Bank analysts provided their views on Texas Roadhouse, Inc. (NASDAQ:TXRH) ahead of the company’s upcoming Q2 results, believing that investor expectations call for a Q2 SSS growth (same-store sales) result that will be generally “fine” as compared to current Street estimate of 7.1%.
The analysts also believe that investors are incorporating the industry top-line slowdown (versus 2019) in May and June into their models for the company, which from a practical perspective would show up in: (1) any monthly top-line cadence type commentary that management chooses to give for the Q2 time period, and (2) potentially a Q3 SSS update that reflects a modest sequential slowdown versus Q2 on a three-year basis.
The analysts lowered their price target to $91 from $107, while reiterating their buy rating.

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