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In a report published Tuesday, Wunderlich Securities analyst Robert M. Derrington downgraded the rating on
Red Robin Gourmet BurgersRRGB from Buy to Hold, but reiterated the $70.00 price target.
In the report, Wunderlich Securities noted, “We are lowering our rating on Red Robin (RRGB) to Hold from Buy based on its improved valuation and appreciation its shares have enjoyed the past 12 months. We believe Red Robin management has done an exemplary job of improving its business, its operating systems and its pipeline of compelling new menu additions. However, given the 110% appreciation its shares have enjoyed over the past 12 months, we believe much of that work has been reflected in RRGB's improved valuation, trading at a premium to most casual dining peers versus its previous historical discount. Having attained 96% of our price target juxtaposed with the potential risk from increased competition including new better-burger competitors, we have adopted a more cautious approach and have moved our rating to Hold from Buy.”
Red Robin Gourmet Burgers closed on Monday at $67.67.
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