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- Jefferies analyst Andy Barish upgraded Red Robin Gourmet Burgers Inc RRGB to Buy from Hold with a price target of $31 (implying an Upside of 27.7%), up from $28.
- The analyst has turned "incrementally more positive" on the casual dining sector following the selloff in the space driven by delta variant and inflation concerns.
- Restaurants are showing signs of being more resilient than expected, with "less of a lowdown" than what investors may be pricing in, Barish notes.
- The analyst adds valuations in the sector are "too attractive to ignore" at current share levels.
- Price Action: RRGB shares are trading higher by 2.14% at $24.34 on the last check Friday.
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