Jefferies analyst Alexander Slagle lowered his price target on Red Robin Gourmet Burgers (NASDAQ: RRGB) to $80.00 (from $90.00) but maintained a Buy rating calling it a cheap way to play a possible casual dining upturn.

Slagle commented, "Highlight of 4Q release is better than expected ’16 outlook & reiterated plans to 2x EBITDA by '20. Implied '16 EPS & rev outlook favorable, and although no details on QTD SSS, our sense is that trends improved decently into 1Q with more effective promos. Given RRGB's 24% pullback since Oct highs (S&P -11%) & stock now trading at 6.5x ‘16 EBITDA, we’d be buyers on the potential for accelerating trends through the year as remodels gain steam (now in 70% of sys)."

The firm bumped FY 2016 EPS from $4.25 to $4.30.

For an analyst ratings summary and ratings history on Red Robin Gourmet Burgers click here. For more ratings news on Red Robin Gourmet Burgers click here.

Shares of Red Robin Gourmet Burgers closed at $62.94 yesterday.