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UPDATE: Miller Tabak Upgrades Red Robin Gourmet Burgers to Buy on Comps, Outlook

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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

DateFirmActionFromTo
Dec 2016Bank of AmericaUpgradesUnderperformNeutral
Oct 2016Stephens & Co.MaintainsOverweight
Sep 2016Bank of AmericaDowngradesBuyUnderperform

View More Analyst Ratings for RRGB
View the Latest Analyst Ratings

Posted-In: Miller TabakAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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