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Fly News Breaks for February 26, 2020
RRGB
Feb 26, 2020 | 08:48 EDT
Wells Fargo analyst Jon Tower lowered his price target for Red Robin to $30 from $35 following Q4 earnings that shed little light on key debates for the stock, including the company's ability to generate positive, profitable traffic over the long-term. The analyst believes 2020 could be another year of noise in the PnL as the company invests behind key initiatives around technology to enable a better service model, menu optimization and new product layers. Improvement in same-store sales will be the key barometer of the health of the business, he adds. Given the historical volatility of same-store sales and his expectation for competitive intensity to ramp in the near-term, the analyst views the risk/reward as balanced. Tower has an Equal Weight rating on the shares.
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