Brinker Int'l (EAT) PT Raised to $80 at Stifel on Developing Virtual Restaurants
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Stifel analyst Chris O\'Cull raised the price target on Brinker Int'l (NYSE: EAT) to $80.00 (from $65.00) on the belief that the company can create new virtual restaurants to use the excess kitchen capacity in Chili's locations to meet consumer demand for off-premise meals.
The analyst reiterated a Buy rating, stating "After spending several months developing and testing a virtual Italian concept, we believe the company has found a compelling idea with Maggiano's Italian Classics. We updated our model to incorporate the concept in our out-year estimates (starting in FY23)," He went on to state "Maggiano's Italian Classics prices are still competitive with the leading Italian chains. Notably, the revamped brand is currently being tested in at least 15 cities in TX, OK, and CA, a more expansive test than the prior It's Just Pasta iteration. Customer ratings for the brand appear to compare favorably with Maggiano's Little Italy restaurants".
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