Zacks Investment Research upgraded shares of Red Robin Gourmet Burgers Inc. (RRGB) from NEUTRAL to OUTPERFORM on March 18, 2013, with a target price of $55.00.
We are upgrading our recommendation on Red Robin from Neutral to Outperform on the back of its consistent performance in the past few quarters. Both earnings and revenues beat the Zacks Consensus Estimates in the fourth quarter of 2012, buoyed by the top-line growth and margin expansion. Red Robin with its wide range of offerings enjoys a prime position in the casual dining segment. The company's new initiatives, which primarily focus on revenue growth, cost control and unit expansion drives the performance of the company. In addition, the company's focus on menu innovation, store remodeling, and enhancing shareholder value also augurs well for its earnings growth.
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