Piper Jaffray Raises Price Target on Brinker International (EAT) to $50 Following 4Q

August 12, 2016 8:08 AM EDT
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Price: $46.84 +0.49%

Rating Summary:
    6 Buy, 20 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Piper Jaffray reiterated a Neutral rating on Brinker International (NYSE: EAT), and raised the price target to $50.00 (from $49.00), following the company's 4Q earnings report. Fourth-quarter operating earnings increased 31.2% y/y to $1.24 per share, in-line with the Street's $1.23. Unchanged FY17 estimates of $3.40 per share aligns to the low end of the company's guided range of $3.40 to $3.50, which was reiterated.

Analyst Nicole Regan commented, "Brinker delivered pro-forma earnings of $1.24 (vs. the Street at $1.23) and same-store sales of (1.8%) for Chili's and (1.7%) for Maggiano's vs. consensus estimates at (2.2%) for Chili’s and (1.3%) for Maggiano’s. The company reiterated its FY17 earnings guidance. We believe comps may turn positive in FY17 driven by strategic initiatives, offset by the backdrop of a weaker industry environment. We also expect a continued focus on returning cash to shareholders via share repurchase and dividends. We are maintaining our Neutral rating and raising our price target to $50 on EAT shares."

For an analyst ratings summary and ratings history on Brinker Int'l click here. For more ratings news on Brinker Int'l click here.

Shares of Brinker Int'l closed at $52.72 yesterday.

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