UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on Red Robin Gourmet Burgers Following Investor Meetings

In a report published Thursday, Morgan Stanley analyst John Glass reiterated an Equal-Weight rating on Red Robin Gourmet Burgers RRGB, but removed the $62.00 price target. In the report, Morgan Stanley noted, “RRGB's LT target of low to mid-teens EPS growth remains achievable given accelerated remodels, menu innovation and unit development. While investors are focused on 2Q comp and EPS miss, mgmt appears confident that it was the result of specific advertising miscues, which have been corrected in Sept.” Red Robin Gourmet Burgers closed on Wednesday at $53.65.