Red Robin price target cut to $50 from $75 at Stephens. Stephens analyst Will Slabaugh cut his price target for Red Robin Gourmet Burgers to $50 from $75 after the company's bottom-line results missed analyst expectations, driven by a soft top-line result. In a research note to investors, Slabaugh says Red Robin continued to make progress on driving off-premise sales, but the company noted that declines in its dine-in traffic "more than offset" the off-premise lift, with the heavy majority of softness coming during peak hours. The analyst, who maintains an Overweight rating, says the top-line result is "somewhat concerning," but is encouraged with the company's renewed focus on stronger value tactics, menu innovation, and operational execution, which he believes will help to re-accelerate the momentum of its dine-in business and better support the impressive growth within off-premise.
