UPDATE: Miller Tabak Upgrades Red Robin Gourmet Burgers to Buy on Comps, Outlook
Miller Tabak raised its rating on Red Robin Gourmet Burgers (NASDAQ: RRGB) from Hold to Buy and increased its price target from $31 to $36.
Miller Tabak said, "We upgrade our rating to Buy on Red Robin Gourmet Burgers (RRGB) following the release of betterthan-expected performance in the September quarter (3Q12) on Monday. RRGB posted gains in both traffic and average ticket, as well as in bar sales as a percentage of total sales. … With two positive quarters for RRGB in an uncertain industry environment, we now are more confident of the company's turnaround efforts, and we argue the acceleration in new unit development will cement further market share gains."
Red Robin Gourmet Burgers closed at $27.85 on Friday.
Latest Ratings for RRGB
|Dec 2016||Bank of America||Upgrades||Underperform||Neutral|
|Oct 2016||Stephens & Co.||Maintains||Overweight|
|Sep 2016||Bank of America||Downgrades||Buy||Underperform|
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