KeyBanc raised the firm’s price target on Darden to $185 from $170 and keeps an Overweight rating on the shares. Based on the firm’s data analysis, KeyBanc is raising its Q4 EPS/same-store sales growth estimates modestly above consensus forecasts. However, given the stock’s recent outperformance, the firm sees a relatively balanced setup with conservative FY24 guidance possibly overshadowing solid Q4 2023 results. That said, KeyBanc continues to view Darden as a long-term share gainer with credible sales drivers, industry-leading scale, and a diversified portfolio of brands that should enable it to outperform through various cycles.
Published first on TheFly
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