UPDATE: Jefferies Raises PT on Red Robin Gourmet Burgers Following In-Line EPS

In a report published Wednesday, Jefferies analyst Alexander Slagle reiterated a Hold rating on Red Robin Gourmet Burgers (NASDAQ: RRGB), and raised the price target from $48.00 to $53.00.

In the report, Jefferies noted, “EPS inline, but 2.2% SSS beat our 2.0%/cons 0.6% with stronger mix & better than feared traffic (-0.6% vs cons -1.1%). RRGB traffic continued to exceed casual dining peers (+360bps), as middle & upper-middle income consumers keep spending (RRGB's demographic), while the under-$50K crowd remains cautious. Traffic likely remains under pressure as RRGB laps Tavern Double launch, but we think mix accelerates & drives modest SSS/EPS upside.”

Red Robin Gourmet Burgers closed on Tuesday at $50.31.