UPDATE: Miller Tabak Upgrades Red Robin Gourmet Burgers to Buy on Comps, Outlook

Miller Tabak raised its rating on Red Robin Gourmet Burgers

from Hold to Buy and increased its price target from $31 to $36. Miller Tabak said, "We upgrade our rating to Buy on Red Robin Gourmet Burgers (RRGB) following the release of betterthan-expected performance in the September quarter (3Q12) on Monday. RRGB posted gains in both traffic and average ticket, as well as in bar sales as a percentage of total sales. … With two positive quarters for RRGB in an uncertain industry environment, we now are more confident of the company's turnaround efforts, and we argue the acceleration in new unit development will cement further market share gains." Red Robin Gourmet Burgers closed at $27.85 on Friday.