Texas Roadhouse up after Wells Fargo upgrades stock, hikes PT

Shares of restaurant chain Texas Roadhouse TXRH.O rise 1.3% to $168 premarket after Wells Fargo upgrades stock to "overweight" from "equal weight"

Brokerage hikes PT to $195 from $170, a nearly 18% upside to stock's last close of $165.79

Says beef cost headwinds are viewed as cyclical and largely priced in, with expectations they will ease in the second half of 2026

Adds casual dining is expected to be a relative winner in 2026; expects margin recovery for TXRH in the second half of the year

12 of 31 analysts rate stock "buy" or higher, 19 "hold"; median PT is $188 - data compiled by LSEG

TXRH down 8.11% YTD as of last close