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Fly News Breaks for September 13, 2016
RRGB
Sep 13, 2016 | 07:23 EDT
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.
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