Red Robin Gourmet Burgers (RRGB) PT Lowered to $16 at Benchmark

Benchmark analyst Todd Brooks lowered the price target on Red Robin Gourmet Burgers (NASDAQ: RRGB) to $16.00 (from $18.00) while maintaining a Buy rating.

The analyst commented: " Red Robin (RRGB) will report 2Q24 results after the close on August 22nd, and in advance of the print we are lowering our estimates to better balance the overall macro pressures that RRGB (and the industry) is likely to face over the next several quarters that we believe could mask a turn in the business that would have been driven by 18-months of work on key strategic initiatives that have repositioned the brand on a stronger operational and competitive footing. As we believe that these efforts will bear fruit in a more normalized consumer macro environment, we are maintaining our Buy rating on RRGB shares while we are lowering our price target to $16 to reflect our lowered FY24 and FY25 adjusted EBITDA estimates."

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