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RRGB

Red Robin

$44.22

-1.3 (-2.86%)

08:35
10/05/16
10/05
08:35
10/05/16
08:35

Red Robin reports closing of some Red Robin Burger Works locations

Red Robin Gourmet Burgers announced the closing of some of its Red Robin Burger Works locations and rebranding of others as Red Robin Express as part of a strategic reevaluation of the Company's alternative fast casual platform. Red Robin closed nine of the existing 12 Red Robin Burger Works locations on September 30 including five units in Chicago, two in Washington D.C., one in Ft. Collins, Colo., and one in Boulder, Colo. Two of the locations in Denver and one in Clakamas, Ore., will remain open and be renamed Red Robin Express. The Denver Red Robin Express locations will also be remodeled as part of the rebranding effort. "The restaurant industry remains intensely competitive both in casual dining, where Red Robin has become the burger authority over a span of more than 50 years, and in the fast casual burger segment, which we entered more recently," said CEO Denny Marie Post. "We've gained considerable knowledge since opening the first of our smaller, fast casual locations in 2011. We are now conducting a strategic review of how this alternative platform can better support our brand as a whole and best serve our Guests." The rebranding of the Company's alternative platform as Red Robin Express is intended to further differentiate the smaller, limited-service locations from full-service Red Robin casual dining restaurants. The reevaluation of the platform is part of the Company's comprehensive effort to strengthen business performance, regain momentum and take market share. The Company will continue to explore smaller units that meet the growing demand for carry out and delivery. The renaming of the three remaining locations with new Red Robin Express signage and remodeling of the two Denver Red Robin Express restaurants is expected to be completed in late 2016 or early 2017.

RRGB Red Robin
$44.22

-1.3 (-2.86%)

08/08/16
STPT
08/08/16
INITIATION
Target $64
STPT
Buy
Red Robin initiated with a Buy at Standpoint Research
Target $64.
08/22/16
ADAM
08/22/16
INITIATION
Target $53
ADAM
Hold
Red Robin initiated with a Hold at Canaccord
Canaccord analyst Lynne Collier initiated Red Robin with a Hold rating and $53 price target.
09/13/16
BOFA
09/13/16
DOWNGRADE
Target $50
BOFA
Underperform
Red Robin downgraded to Underperform from Buy at BofA/Merrill
BofA/Merrill downgraded Red Robin two notches to Underperform from Buy and lowered its price target to $50 from $60 citing the difficult casual dining environment, lack of near-term catalysts, and risk to Q3 earnings. The firm's analyst expects Q3 comps to be down 2.5%, versus guidance of approximately down 2%, due to weak box office traffic and continued softness in casual dining sales.
09/13/16
09/13/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netflix (NFLX) downgraded to Underperform from Neutral at Macquarie with analyst Tim Nollen saying market penetration could be limited given new streaming video on demand competitors and local operator's streaming efforts. 2. Intuit (INTU) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Keith Weiss citing full valuation. 3. Applied Genetic (AGTC) downgraded to Market Perform from Outperform at Wells Fargo, to Sell from Buy at Janney Capital, to Hold from Buy at Cantor, and to Neutral from Buy at Roth Capital. 4. Signet Jewelers (SIG) downgraded to Market Perform from Outperform at Cowen with analyst Oliver Chen saying he believes shares will be range bound despite the stock's cheap valuation. 5. Red Robin (RRGB) downgraded to Underperform from Buy at BofA/Merrill with the firm citing the difficult casual dining environment, lack of near-term catalysts, and risk to third quarter earnings. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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