UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Red Robin Gourmet Burgers on 1Q13 Preview

In a report published Monday, Jefferies analyst Andy Barish reiterated a Hold rating on Red Robin Gourmet Burgers

, and raised the price target from $43.00 to $48.00. In the report, Barish noted, “We knew 1Q13 compares would be difficult but the sharp traffic drop-off in Feb as guests' wallets were squeezed was less expected. Many tempered ‘13 guidance, but the slowdown appears to have been largely ignored by the market; valuations have expanded as investors look past a choppy '13 to more normalized EPS growth in '14. We introduce '14 ests but remain selective, and prefer those names with tangible SSS drivers and cost offsets.” Red Robin Gourmet Burgers closed on Friday at $44.07.