Jefferies analyst Andy Barish raised estimates and his price target on Darden Restaurants (NYSE: DRI) to $63.00 (from $50.00) but maintained a Hold rating.

Barish commented, "We are raising our estimates after DRI’s better 3Q results end of last week based upon improvements in underlying oper results (along with much of casual dining) and the beginnings of cost cutting initiatives. With our F’15/’16 estimates going to $2.47/$2.72 (from $2.28/$2.50), we are raising our PT to $63 (from $50) based upon 21x P/E C’16 EPS of nearly $3."

The firm raised FY 2015 EPS from $2.28 to $2.47 and FY 2016 EPS form $2.50 to $2.72.

For an analyst ratings summary and ratings history on Darden Restaurants click here. For more ratings news on Darden Restaurants click here.

Shares of Darden Restaurants closed at $69.22 yesterday.