KeyBanc Raises Their Price Target on Darden Restaurants (DRI) to $45; Reiterates Buy
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KeyBanc raises their price target on Darden Restaurants (NYSE: DRI) from $37 to $45 and reiterates their Buy rating.
The firm said, "We remain confident that Darden will continue to outperform in today's difficult environment, given that its two core brands (Olive Garden and Red Lobster) are differentiated within casual dining and offer superior price/value. In addition, while we are conservative in our projection of synergies from the RARE acquisition, we are encouraged by the fact that DRI is recognizing synergistic savings ahead of plan."
In addition, KeyBanc analysts believe that Darden's significant free cash flow levels will allow management to aggressively resume share repurchases in 2009 and 2010.
Darden Restaurants, Inc., through its subsidiaries, engages in the ownership and operation of casual dining restaurants in the United States and Canada.
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