Brinker Int'l (EAT) PT Lowered to $33 at Stifel
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Stifel analyst Chris O\'Cull lowered the price target on Brinker Int'l (NYSE: EAT) to $33.00 (from $40.00) while maintaining a Hold rating.
The analyst commented, "With this quarter marking the first time newly-minted CEO Kevin Hochman will communicate widely with investors, we anticipate the focus will be on his initial assessment of the business. We are most interested in his view of the company's virtual brands, which have been underperforming our expectations but appear to have the potential for meaningful growth. Investors will also be focused on the FY23 guidance. Buyside expectations are low, so we struggle to see how guidance could disappoint. We lowered our FY23 EPS estimate to $3.35 from $4.00 to reflect a more conservative margin outlook and higher interest expense. We acknowledge shares are trading at a low valuation on our updated estimates (6.0x EV/EBITDA NTM), but the low valuation could persist without better growth prospects."
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