BJ's Restaurants, Inc. (BJRI.O): Setting the Table for 3Q26: Expect In-Line Print, Guidance Reiteration

Citi previews BJ's Restaurants' 3Q26 results, expecting comps of +5.0% versus the Street's +4.7%, which should support management's reiteration of full-year 2026 revenue and earnings guidance despite a choppy operating backdrop. The investment case has centered on traffic growth and modest store-margin expansion; the next proof point is accelerating unit growth, with some openings in 4Q and more in 2027, alongside cooperating comps and margins. Citi cites Placer.ai footfall growth of 9.6% year over year, up 250bp sequentially, and Second Measure data showing sales +5.7%, transactions +4.7% and check +1.0% year over year. Shares are up about 40% year to date, outperforming the broader FSR category and the market. Citi trims 2026E/2027E EPS to $2.39/$2.59 from $2.40/$2.63 and lowers its target price to $70 from $75, based on 9x NTM EV/EBITDA, maintaining a Neutral/High Risk rating.