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Citi analyst Jon Tower downgraded Texas Roadhouse (TXRH) to Neutral from Buy with a price target of $164, down from $213. The company is one of the higher-quality names in the firm’s universe and Citi isn’t questioning the operations or the brand’s relevancy/longevity, but it also sees data suggesting a soft patch for traffic and comps without upcoming catalysts, the analyst tells investors in a research note. Citi adds that beef cost risks are magnified without ongoing beats on traffic and flow-thru to buffer estimates.

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• Texas Roadhouse downgraded to Neutral from Buy at Citi

• Hold Rating for Texas Roadhouse Amidst Traffic Slowdown and Rising Costs

• Texas Roadhouse price target raised to $179 from $178 at Barclays

• Texas Roadhouse price target lowered to $190 from $232 at BofA

• Texas Roadhouse Stock (NASDAQ:TXRH) Slips Despite Americans Increasingly Preferring It