Jefferies Downgrades Brinker Int'l (EAT) to Hold

Jefferies analyst Alexander Slagle downgraded Brinker Int'l (NYSE: EAT) from Buy to Hold with a price target of $35.00 (from $38.00).

The analyst comments "Downgrade to Hold as NT upside in the stock appears limited following a +50% rally since June (vs S&P 500 +1%) & valuation now 6.5x EV/EBITDA, which we view as fair. Increased macro uncertainty demands us to be more selective, and w/ recent value strategy changes at Chili's & risk of more competitive discounting in the Grill & Bar category w/ a sensitive lower income consumer, we want to step back & evaluate how the consumer response evolves into early C'23."

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 $32.62 yesterday.

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