Darden Restaurants (DRI) PT Raised to $177 at Truist Securities

Truist Securities analyst Jake Bartlett raised the price target on Darden Restaurants (NYSE: DRI) to $177.00 (from $163.00) while maintaining a Buy rating.

The analyst commented, "Following F4Q23 results (EPS beat and SSS miss, related note here), and lower FY24 guidance than we expected, we are lowering ests., but increasing our PT to $177, from $163, given accelerating market share gains. DRI is not yet seeing signs of waning restaurant demand, and we view both Olive Garden and LongHorn as well positioned, even if macro pressures build. We view FY24 EPS guidance as conservative, with potential upside driven by decelerating wage inflation and labor productivity in particular. While development headwinds are expected to crimp FY24 growth, we expect an acceleration in FY25."

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