UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Red Robin Gourmet Burgers on Strong CF
In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on Red Robin Gourmet Burgers (NASDAQ: RRGB), and raised its price target from $43.00 to $50.00.
BMO Capital Markets noted, “Red Robin's 4Q EPS roughly doubled to $0.59 excluding one-time items on better-than-expected comps and margins – growth was 36% excluding $0.21 from an additional operating week. The operating results were better than expected on almost every account. Comps increased +1.5% versus our +0.5% forecast and restaurant margin grew ~140 bp to 15.1% versus our 14.0% estimate.”
Red Robin Gourmet Burgers closed on Tuesday at $43.33.
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