Oppenheimer Reiterates Outperform on Darden Restaurants (DRI) Following 1Q Report

October 5, 2016 9:51 AM EDT
Get Alerts DRI Hot Sheet
Price: $73.10 -0.46%

Rating Summary:
    13 Buy, 22 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Oppenheimer reiterated an Outperform rating and $70.00 price target on Darden Restaurants (NYSE: DRI) following the company's 1Q earnings report. DRI reported EPS of $0.88, ahead of the Street's $0.82 estimate. Management raised F17E EPS guidance to $3.87-$3.97 (was $3.80-$3.90), vs. Street's $3.87.

Analyst Brian Bittner commented, "We believe DRI's unique risk/reward and superior fundamentals position shares to meaningfully outperform on any improving sentiment toward the group. 1Q17 comps were better than feared, '17 EPS guidance was raised and share repurchases are dialing up. This will likely prove to be a unique performance in a tough reporting period for the group. With earnings estimates safe, dividend yield at 3.7% and P/E around 14x Street's next year, we believe near-term downside is very limited."

For an analyst ratings summary and ratings history on Darden Restaurants click here. For more ratings news on Darden Restaurants click here.

Shares of Darden Restaurants closed at $61.72 yesterday.

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