From Earlier: Bank of America Merrill Lynch Lowers Red Robin PO

Bank of America Merrill Lynch lowered its Red Robin Gourmet Burgers RRGB price objective from $46 to $43 and continued its Buy rating in a research report published today.

In the report, Bank of America Merrill Lynch stated, "We continue to rate RRGB shares Buy but are lowering our price objective from $46 to $43 to reflect downward revisions to our estimates. . . In our view, a better managed Red Robin has substantial earnings power that should be realized over the next few years."

Shares of Red Robin Gourmet Burgers were trading at $31.09 at the time of posting, down 13.03% from Wednesday's market close.