UPDATE: Bank of America Raises Red Robin's PT

According to a research report published earlier today, Bank of America has increased Red Robin Gourmet Burgers' RRGB PT from $39 to $46. In the report, Bank of America said, “Red Robin's new management team shared its strategic vision that includes a stretching of the brand to broaden its appeal to more adult consumers while retaining its established appeal to families with children. Brand repositioning can be tricky to execute but management is proceeding with careful testing. Recent sales performance has been good but average unit volumes are 15% below the level of 2007 so we believe there remains substantial upside.” Bank of America maintains its Buy rating on Red Robin, which closed yesterday at $36.21.