P.F. Chang's China Bistro Inc. is rolling out a new menu to appeal to budget-minded diners as part of a broader updating of its brand.
The chain restaurant on Monday said the menu features more than 20 lunch combos that are less than $10 each.
Raymond James analyst Bryan Elliott reiterated his "strong buy" rating for P.F. Chang's, noting that the company recently disclosed that its test of a lunch menu resulted in a 10 percent gain in sales.
Elliott also noted the restaurant chain's efforts to improve its menu, service and ambience and the launch of its first national TV campaign this week. Additionally he noted that management plans to repurchase $150 million of stock in 2012, which is roughly 18 percent of the company's market cap.
P.F. Chang's China Bistro Inc., based in Scottsdale, Ariz., owns and operates P.F. Chang's China Bistro and Pei Wei Asian Diner.
Shares of the company rose 42 cents to $39.94 in afternoon trading.