UPDATE: Piper Jaffray Lowers PT on Red Robin to $28

Piper Jaffray is out with its report today on Red Robin RRGB, lowering its PT from $32 to $28. In its report, Piper Jaffray writes, "We are lowering our price target to $28 (vs. $32 prior) which is based on 16x (unchanged) our new FY12E EPS of $1.76. We believe this multiple is reasonable given the high degree of operating leverage in a volatile market. We maintain our Underweight rating on RRGB shares." Shares of RRGB closed Tuesday at $28.36.