Brinker downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded Brinker (EAT) to Sector Weight from Overweight without a price target The firm cites valuation for the downgrade with the shares up over 200% in the past nine months. The rating change has little to do with Brinker’s recent fundamental performance, as the company is poised to deliver another quarter of double-digit same-store-sales growth and positive earnings revisions when it reports Q2 results next week, the analyst tells investors in a research note. KeyBanc says the stock’s current valuation “leaves little room for error” and is and “well beyond” what it originally thought to be a realistic bull-case scenario.