UPDATE: Miller Tabak Downgrades Red Robin Gourmet Burgers to Hold Following Share Run-Up

Miller Tabak downgraded Red Robin Gourmet Burgers

from Buy to Hold and raised the price target from $40.00 to $46.00. Miller Tabak commented, "We lower our rating to Hold (from Buy) on Red Robin Gourmet Burgers (RRGB) following today's 25% rally after much better-than-expected earnings for the December quarter (4Q12). Once again, RRGB posted gains in both traffic and average ticket, as well as in bar sales as a percentage of total sales, and management continued to make progress on its cost reduction initiatives." Red Robin Gourmet Burgers closed at $45.75 on Tuesday.