Seeking Alpha

Ignite Restaurant tumbles on Keybanc cut

  • Ignite Restaurant Group (IRG -5.3%) shares tumble after Keybanc downgrades the restaurateur to Hold from Buy.
  • Analyst Christopher O'Cull doesn't see any near-term reversal of persistently weak sales trends. Neither does he think that the company's Macaroni Grill marketing efforts will boost traffic as much as expected.
  • The caveat? O'Cull still likes the long-term growth prospects of Joe's Crab Shack and Brick House Tavern + Tap.
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