Brinker downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Brinker (EAT) to Market Perform from Outperform with a price target of $105, up from $80. JPMorgan this morning also downgraded Brinker. The shares now better reflect the strength of the Chili’s turnaround after appreciating over 200% in the last 12 months. The firm materially raised estimates but is hesitant to push its target multiple further. The case for aggressively investing in Brinker shares is less persuasive at current levels, contends BMO.