UPDATE: MKM Partners Upgrades Darden Restaurants (DRI) to Buy
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MKM Partners analyst Brett Levy upgraded Darden Restaurants (NYSE: DRI) from Neutral to Buy, PT $168.00 (from $155.00).
The analyst comments "Upgrading shares of Darden to Buy (from Neutral) as the industry leader's concerns are more macro than micro. The solid F4Q21 results, outlook and conference call continued to showcase the strength of the Darden model, while also offering some incremental positive read-throughs for the industry at-large. Following a double-digit point underperformance against the market, since mid-March, we now believe the full service restaurant backdrop offers a favorable opportunity for Darden’s continued sales gains, despite the elevated cost environment sales backdrop (which we believe it can both manage, but also has levers to pull as offsets, as needed). Along with its strong and balanced cash flow generation and usage, we believe Darden’s shares could return to their position as a top performer. Our new price target moves to $168 from $155."
Shares of Darden Restaurants closed at $139.85 yesterday.
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