UPDATE: Bank of America Downgrades Red Robin Gourmet Burgers to Neutral on Valuation

Bank of America downgraded Red Robin Gourmet Burgers, Inc. RRGB from Buy to Neutral and maintaind a $38.00 price objective. Bank of America noted, "We are lowering our rating on RRGB shares from Buy to Neutral while maintaining our price objective of $38. RRGB shares have traded up to within 5% of our price objective. The proximity of the shares to our price objective and expectations of challenging industry conditions in early 2013 prompt our rating change. We expect Red Robin to report solid 4Q results next month with results benefiting from full pricing on its Oktoberfest burger versus discounted pricing a year ago." Red Robin Gourmet Burgers closed at $36.15 on Wednesday.