UPDATE: Wunderlich Securities Initiates Coverage on Red Robin Gourmet Burgers with Buy Rating, $70 PT on Multiple Positive Factors

In a report published Tuesday, Wunderlich Securities analyst Robert Derrington initiated coverage on

with a Buy rating and $70.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Red Robin Gourmet Burgers, Inc. (RRGB) with a Buy rating and a price target of $70, 19% above recent levels. We believe RRGB's improving revenue growth, expanding margins, and strengthened EPS growth are key catalysts to achieve our price target. Despite risks of slowing industry sales and volatile commodity prices, Red Robin's same store sales (SSS) and traffic trends have continued to outperform most Casual Dining (CD) peers with its affordable check average, expeditious service, and improved product offerings.” Red Robin Gourmet Burgers closed on Monday at $58.58.