UPDATE: Darden Restaurants (DRI) PT Lowered to $180 at MKM Partners
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MKM Partners analyst Brett Levy lowered the price target on Darden Restaurants (NYSE: DRI) to $180.00 (from $185.00) while maintaining a Buy rating.
The analyst comments "The quarter and outlook combined to offer a mixed set of takeaways as the earnings report represented a beat vs. Street thinking, but didn't flow through to the forward guidance. The intense and persistent inflation, ongoing uncertainty across the landscape, and changing of the guards at the company's helm could all combine to create additional levels of investors' angst for the company (and full service landscape at large). While we were not surprised by management's cautious, and relatively prudent approach to their outlook, they contribute to factors providing the market with a justification to pressure the shares in the near term, in our view. Over the longer-term, we continue to view Darden as a best-in-class full service player, and one worthy of our Buy recommendation, although we also acknowledge operational pressures, and share price starts-and-stops may persist in the near term, which sees us inch our price target to $180 (from $185)."
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