UPDATE: Raymond James Upgrades Red Robin Gourmet Burgers, Inc. to Strong Buy, Maintains $80.00 PT

In a research note from Raymond James on Red Robin Gourmet Burgers, Inc RRGB Monday morning, the firm upgraded the stock from Outperform to Strong Buy while maintaining an $80.00 price target. The firm's Bryan C. Elliott cited the stock's recent pullback, saying the move has created a compelling risk/reward ratio. Elliott noted RRGB's shares are back to valuation levels that he considers meaningfully undervalued. "We expect Red Robin to solidly outperform peers over the intermediate term driven by management's multi-pronged brand transformation. This should drive consistent comp and EPS out performance and meaningful stock price appreciation from current levels over the next few years," Elliott said. Shares of RRGB are currently trading up around 10 percent at $73.27.