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Fly News Breaks for February 27, 2019
RRGB
Feb 27, 2019 | 08:16 EDT
Maxim analyst Stephen Anderson downgraded Red Robin to Hold and lowered his price target to $29 from $46 following the company's mixed Q4 results and "lackluster" 2019 guidance. The analyst cites Red Robin's 4.4% decline in traffic, which worsened on a 2-year stacked basis sequentially. Anderson also expects Q1 comps to remain negative, adding that while the management discussed refranchising on the call, he does not anticipate any activity on that front until comps can recover.
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