UPDATE: Bank of America Merrill Lynch Raises PO on Red Robin Gourmet Burgers to $45

Bank of America Merrill Lynch is out with its report today on Red Robin Gourmet Burgers RRGB, raising its PO from $40 to $45. In a note to clients, Bank of America Merrill Lynch writes, "We continue to rate RRGB shares Buy and are raising our price objective from $40 to $45 with the change driven by greater confidence in the company's turnaround. We hosted an investor visit to headquarters to meet with new CEO Steve Carley. The tone of the meeting was positive and reinforces our view that Red Robin has potential to substantially grow EPS over the next few years." Shares of RRGB closed Tuesday at $36.24, up 3.93% from Monday's close.