Jefferies downgrades Red Robin (NASDAQ:RRGB) from Buy to Hold and cuts the target from $45 to $34 on the belief that a potential turnaround is "still a ways off."
Analyst Andrew Barish says a return to positive comparable sales is possible, but visibility isn't clear with competitive pressures in casual dining expected to continue into next year.
Source: Bloomberg First Word.
Red Robin shares are down 1.7% to $30.60.
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