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5 Restaurant Stocks With Upside

3. Morton's Restaurant Group owns and operates restaurants under the brands Morton's The Steakhouse (Morton's), Trevi (Trevi), and Bertolini's Authentic Trattorias (Bertolini's).

Of the five analysts covering the stock, 60% recommend a buy while the remaining rate a hold. The stock has no sell ratings. On average, analysts estimate a 38.0% upside to $9 from current levels.

For the latest fourth quarter, the company reported 6.2% increase in revenue to $84.1 million from $79.2 million in the year-ago period. The company swung to a GAAP net income of $5.3 million, or 30 cents per share, as compared to a net loss of $66.9 million, or $4.21 per share in 2010 fourth quarter. Comparable restaurant revenues for the company's steakhouses were up 5.3%.

Looking ahead, Piper Jaffray says with almost two-third of the company' sales connected to corporate spending, it will be able to reap huge benefits from an improving travel and entertainment spending environment. A report from the National Business Travel Association forecasts U.S. business travel spending to soar by 6.7% in the first quarter of 2011 as against the 2010 period.

For the first quarter of 2011, the company estimates revenue between $81 and $83 million with comparable sales to increase by almost 6%-8% from the year-ago period. Net income from continuous operations per share is pegged at 13-15 cents. For 2011, revenue is forecast between $318 and $323 million, and per share net income from continuous operations at 44-49 cents.
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