UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PT on Red Robin Gourmet Burgers

In a report published Friday, Bank of America Merrill Lynch reiterated its Buy rating on Red Robin Gourmet Burgers

, but lowered its price objective from $43.00 to $38.00. BofA Merrill Lynch noted, “Red Robin has the potential to gain share with more effective marketing and also has an opportunity to grow, with less than 500 units in operation. New CEO Steven Carley has begun to implement his Project RED (revenues/expenses/deployment of capital) plan and early results have been impressive. Earnings have the potential to move sharply higher in coming years and we expect RRGB shares to respond well to such a progression.” Red Robin Gourmet Burgers closed on Thursday at $32.24.