UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Red Robin Gourmet Burgers on Strong 4Q Beat

In a report published Wednesday, Jefferies reiterated its Hold rating on Red Robin Gourmet Burgers

, and raised its price target from $32.00 to $43.00. Jefferies noted, “Although we suspected momentum was building, we were surprised by the magnitude of the 4Q beat & optimistic outlook, given the challenging external environment. We think it is becoming clear that RRGB is separating itself from the crowd and that there is more leverage in this model than investors expected. We suspect this means more upside ahead, but find it difficult to visualize more than 15% upside to shares in 1 year's time.” Red Robin Gourmet Burgers closed on Tuesday at $43.33.