UPDATE: Piper Jaffray Raises PT to $34 on Red Robin

Piper Jaffray increases its price target from $27 to $34 on Underweight-rated Red Robin

reflecting raised expectations from the company's Analyst Day. Piper Jaffray says, "Red Robin recently hosted an Analyst Day whereby the company effectively reiterated FY12 guidance with an increased level of transparency. We believe ongoing efforts to identify costs are positioning Red Robin to drive profitability during the next several years. However, we continue to look for consistent top-line performance before becoming more constructive on RRGB shares." RRBN closed at $36.01 a share on Friday.