KeyBanc Downgrades Red Robin Gourmet Burgers (RRGB) to Hold; Strategic Review Muddies Near-Term Outlook

November 5, 2010 7:22 AM EDT
Get Alerts RRGB Hot Sheet
Price: $50.20 -0.69%

Rating Summary:
    7 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 22 | New: 54
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KeyBanc downgrades Red Robin Gourmet Burgers (Nasdaq: RRGB) from Buy to Hold.

KeyBanc analsyt says, "While we remain positive about the impact the new CEO, Stephen Carley, can have on RRGB's operations, we do not expect to see as immediate of an impact from simple operational fixes as we had originally predicted. We have, rather, become much more cautious on our outlook for the coming quarters as we expect the long-term strategic review that has been launched to result in strained margins and earnings throughout the coming year. Accordingly, we have lowered our rating to HOLD as we expect shares to remain strained in the coming quarters while this strategic review and subsequent turnaround progress."

To see all upgrades/downgrades on shares of RRBG, visit our Analyst Ratings page.

Shares are currently trading at $20.26.

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