UPDATE: Wunderlich Securities Reiterates on Red Robin Gourmet Burgers on Rollout of New Premium Burgers

In a report published Friday, Wunderlich Securities analyst Robert M. Derrington reiterated a Buy rating on Red Robin Gourmet Burgers RRGB, and raised the price target from $90.00 to $92.00. In the report, Wunderlich Securities noted, “Following Red Robin's (RRGB) considerably better-than-expected 2013TD revenue and earnings results and supported by the current rollout of its new premium Gourmet Finest Burgers, we believe Red Robin's SSS and traffic trends are poised to continue to outperform most peers, and margins appear poised to further expand as the investments management made in 2013 begin to pay off. Now, with the addition of its new Finest premium burgers complementing its lower-priced Tavern Double and medium-priced Gourmet Burgers, we believe RR's well-rounded burger line-up better complements its elevated Brand Transformation (BT) initiatives, and have lifted our EPS projections. Factoring a 25-30x P/E to our revised 2015 EPS, we are lifting our PT to $92 from $90, and reiterate our Buy rating.” Red Robin Gourmet Burgers closed on Thursday at $79.48.