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Fly News Breaks for August 27, 2019
RRGB
Aug 27, 2019 | 10:06 EDT
BofA/Merrill analyst Gregory Francfort earlier today downgraded Red Robin Gourmet Burgers to Underperform from Neutral with an unchanged price target of $30. The analyst believes the company's earnings growth will "materially miss" consensus expectations in 2020. Red Robin's "sub-scale" brand and below-industry margins present challenges amid labor tightness and the growing importance of scale, Francfort tells investors in a research note. The stock in early trading is down 6%, or $1.96, to $32.43.
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