UPDATE: Miller Tabak Reiterates Hold Rating, Raises PT on Red Robin Gourmet Burgers Following Solid 2Q13 Results

In a report published Friday, Miller Tabak analyst Stephen Anderson reiterated a Hold rating on Red Robin Gourmet Burgers (NASDAQ: RRGB), and raised the price target from $56.00 to $60.00.In the report, Miller Tabak noted, “We maintain our Hold rating on Red Robin Gourmet Burgers (RRGB), though raise our fair value estimate to $60 (from $56) following the release of better-than-expected results for the June quarter (2Q13) yesterday. We credit RRGB's strong performance so far in 2013 on the company's ability to raise average ticket in an otherwise soft industry environment, and we think the continuation of this trend, along with incremental reductions in food commodity and interest costs, will provide a sustained lift to EPS through 2014. However, we now think delays in implementing key initiatives will result in higher SG&A expenses than we had modeled previously, thereby muting margin expansion in 2014 and delaying reduced SG&A costs until at least 2015. Given the magnitude of the rally in RRGB shares year-to-date, we would prefer to wait to new positions in RRGB at this time.”Red Robin Gourmet Burgers closed on Thursday at $61.47.