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Fly News Breaks for March 11, 2015
RRGB
Mar 11, 2015 | 08:11 EDT
As previously reported, Longbow upgraded Red Robin to Buy from Neutral. The firm's checks indicate Q1 same-store-sales to date are up 4-4.5% vs. consensus of 1.3%. Longbow's contacts cited a material increase in traffic from lower gas prices, more effective advertising, and better than expected mix. The firm expects Red Robin's brand strategy to continue in the form of accelerated same-store and new store growth over the next 18+ months. The correct price target is $99.
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