Red Robin Gourmet Burgers Upgraded to Outperform at Zacks (RRGB)
Red Robin Gourmet Burgers (NASDAQ:RRGB) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report issued on Friday, Stock Ratings Network.com reports. The firm currently has a $88.00 price objective on the stock. Zacks‘ target price suggests a potential upside of 20.19% from the company’s current price.
Zacks‘ analyst wrote, “We are upgrading our recommendation on Red Robin from Neutral to Outperform on the back of better-than-expected earnings growth in the second quarter of 2013. Red Robin’s second-quarter 2013 earnings of $0.77 per share beat the Zacks Consensus Estimate by 16.7% and the year-ago quarter’s level by 48.1%. Though revenues missed the Zacks Consensus Estimate by a slight margin, it was up 4.3% year over year led by higher comps. The company has been posting positive comps for the past three years. Red Robin has outlined a set of initiatives including menu innovation, effective marketing strategy and remodeling programs to reinvigorate its brands. Foray into the smaller prototype restaurants, Red Robin’s Burger Work is also a positive for the stock. Overall, we are encouraged by Red Robin’s strong brand position, guest loyalty program and decent unit-level execution.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James downgraded shares of Red Robin Gourmet Burgers (NASDAQ:RRGB) from a “strong-buy” rating to an “outperform” rating in a research note to investors on Tuesday. Separately, analysts at Wunderlich reiterated a “hold” rating on shares of Red Robin Gourmet Burgers (NASDAQ:RRGB) in a research note to investors on Friday, September 27th. They now have a $70.00 price target on the stock. Finally, analysts at KeyCorp raised their price target on shares of Red Robin Gourmet Burgers (NASDAQ:RRGB) from $68.00 to $75.00 in a research note to investors on Friday, September 27th. They now have a “buy” rating on the stock. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Red Robin Gourmet Burgers has a consensus rating of “Hold” and an average price target of $63.55.
Red Robin Gourmet Burgers (NASDAQ:RRGB) traded up 0.83% during mid-day trading on Friday, hitting $73.83. The stock had a trading volume of 55,708 shares. Red Robin Gourmet Burgers has a 52 week low of $27.18 and a 52 week high of $74.25. The stock’s 50-day moving average is $68.0 and its 200-day moving average is $55.94. The company has a market cap of $1.057 billion and a P/E ratio of 34.52.
Red Robin Gourmet Burgers (NASDAQ:RRGB) last issued its quarterly earnings data on Thursday, August 15th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.11. The company had revenue of $238.30 million for the quarter, compared to the consensus estimate of $239.61 million. During the same quarter in the previous year, the company posted $0.52 earnings per share. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. Analysts expect that Red Robin Gourmet Burgers will post $2.29 EPS for the current fiscal year.
Red Robin Gourmet Burgers, Inc (NASDAQ:RRGB) together with its subsidiaries, is a casual dining restaurant chain focused on serving gourmet burgers.
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