UPDATE: Sterne Agee Downgrades Red Robin Gourmet Burgers from Buy to Neutral

Sterne Agee downgraded Red Robin Gourmet Burgers

from a Buy to a Neutral rating. Sterne Agee wrote, “While we are encouraged by the strategic direction from the new management team, we believe that SSS/traffic may remain a near-term headwind for the Company given industry trends. Accordingly, we are downgrading shares from BUY to Neutral given a lack of catalysts (particularly on the top-line) to drive the stock as we look out through the remainder of the year.” Red Robin Gourmet Burgers closed at $29.98 on Monday.