Piper Jaffray Raises Price Target on Brinker International (EAT) to $50 Following 4Q
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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."
Shares of Brinker Int'l closed at $52.72 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
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