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RRGB

Red Robin

$34.86

0.47 (1.37%)

09:31
09/11/19
09/11
09:31
09/11/19
09:31

Red Robin issues statement in response to Vintage Capital letter

Red Robin issued the following statement in response to a letter from Vintage Capital: "The Red Robin Board and management team are focused on executing the Company's strategic plan to restore growth and improve profitability. The Board appreciates input from all shareholders toward our shared goal of enhancing value and will continue to review the Company's strategic priorities against all potential opportunities to create shareholder value. Consistent with our stated priorities, last week we announced that Paul J.B. Murphy III will join Red Robin as President, Chief Executive Officer and a member of the Company's Board of Directors, effective October 3, 2019. Mr. Murphy is a proven restaurant industry executive with more than 30 years of operational, brand-positioning and turnaround expertise, as well as an extensive track record of creating significant shareholder value. We are excited about the Company's potential to improve customer experience, significantly improve cash flow and increase profitability. As previously announced, the Red Robin Board carefully reviewed and considered Vintage's proposal, consistent with its fiduciary duties and in consultation with its legal and financial advisors. The Board unanimously determined that the proposal undervalues Red Robin and is not in the best interests of all shareholders, as the strategic plan currently being implemented by Red Robin positions the Company to deliver greater value to its shareholders than Vintage's proposal."

RRGB Red Robin
$34.86

0.47 (1.37%)

08/21/19
SPHN
08/21/19
NO CHANGE
Target $36
SPHN
Overweight
Stephens supportive of Red Robin finding value via proposed bid or sale process
Stephens analyst Will Slabaugh said Red Robin's situation is "perplexing" and he appreciates the earnings and valuation upside potential should its business trends improve. However, the risk of further inconsistent performance leaves him supporting "immediate value realization" by either accepting Vintage Capital's stated $40 bid, assuming the proposed financing is indeed available, or via a sale process. Slabaugh keeps an Overweight rating and $36 price target on Red Robin shares.
08/27/19
BOFA
08/27/19
DOWNGRADE
Target $30
BOFA
Underperform
Red Robin downgraded to Underperform from Neutral at BofA/Merrill
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.
08/27/19
08/27/19
DOWNGRADE

Fly Intel: Top analyst downgrades
Catch up on today's top analyst downgrades with this list compiled by The Fly: 1. Cardinal Health (CAH) downgraded to Hold from Buy at Argus with analyst David Toung saying the margins of its Pharmaceutical Distribution segment remain under pressure entering FY20 after a 23bps contraction in FY19. 2. Red Robin (RRGB) downgraded to Underperform from Neutral at BofA/Merrill with analyst Gregory Francfort saying he believes the company's earnings growth will "materially miss" consensus expectations in 2020. 3. T-Mobile (TMUS) downgraded to Perform from Outperform at Oppenheimer. 4. Ultrapar (UGP) downgraded to Hold from Buy at Santander. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/05/19
SPHN
09/05/19
NO CHANGE
Target $36
SPHN
Overweight
Red Robin back to 'trust me' story after takeover rejection, says Stephens
The rejection of the Vintage's $40 per share takeover bid returns Red Robin Gourmet Burgers to a "trust me" story, Stephens analyst Will Slabaugh tells investors in a research note. The analyst, who keeps an Overweight rating on the shares with a $36 price target, would have preferred to see Red Robin at least explore alternatives for the business versus the outright rejection of Vintage's bid. On the new CEO announcement, the analyst likes Paul Murphy's turnaround and branding experience, but he believes improving the company's same-store-sales trajectory could take time. Nonetheless, Slabaugh continues to believe Red Robin's underlying free cash flow is undervalued, though he admits investors likely won't care until the company can prove its initiatives are producing meaningful improvement in both traffic and same-store-sales growth. .

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