A New York based financial analyst with Maxim Group named his top restaurant stock picks of 2017. Greenwood Village-based Red Robin made the list, although Chipotle did not.

And he issued some words of warning to the fast-casual Mexican chain.

Maxim Group’s Stephen Anderson named Red Robin, Texas Roadhouse and Panera Bread his top picks for 2017. And had this to say about Red Robin’s turbulent year.

“We review Red Robin Gourmet Burgers as a turnaround story,” he said in the statement.

As for Denver-based Chipotle, he said the recent board changes, namely the departure of Monty Moran as co-CEO and the appointment of four new board members, were “necessary, though not sufficient to reverse the company’s fortunes” and predicted a more difficult than expected 2017 for the chain.

Read Anderson’s full statement on Barron’s.