Shares of three high-end restaurant chains rose Monday after an analyst boosted ratings on the group, saying the trio is poised for better sales as the expense account set resumes business travel and returns to high-priced menus.
Piper Jaffray analyst Nicole Miller Regan raised her ratings on Ruth’s Hospitality Group Inc., the parent company of Ruth’s Chris Steak House restaurants, McCormick & Schmick’s Seafood Restaurant and Morton’s Restaurant Group Inc., which owns the Morton’s chain of steakhouse restaurants.
The upgrades sent shares of all three higher Monday.
Ruth’s shares rose 33 cents, or 15.8 percent, to $2.42, while McCormick & Schmick’s rose 57 cents, or 8.2 percent, to $7.53. Morton’s shares rose 17 cents, or 5.8 percent, to $3.08.
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