Analysts Slash Price Target On This Restaurant Company Post Q3 Results

Credit Suisse analyst Lauren Silberman lowered the price target on Darden Restaurants Inc DRI from $180 to $175 and maintained Outperform rating on the shares. The revised price target implies a 34% upside.
While the analyst acknowledged the concerns about the discretionary nature of casual dining, she believes Darden is well-positioned to wade through near-term headwinds.
The analyst trimmed the FY23 EPS estimate to $8.47 from $8.74 and FY24 EPS to $9.47 from $9.59, driven by higher commodity costs.
Related: Darden Restaurants' Q3 Earnings Miss Estimates Bitten By Omicron
RBC Capital analyst Christopher Carril cut the price target from $153 to $151 (15% upside) while maintaining an outperform rating on the shares.
Raymond James analyst Brian Vaccaro lowered the price target from $156 to $153 (17% upside) and maintained an Outperform rating on the shares.
Morgan Stanley lowered the price target from $171 to $161 (23% upside) and maintained an Overweight rating on the shares.
Barclays analyst Jefferey Bernstein cut the price target from $173 to $160 (22% upside) and maintained an Overweight rating on the shares.
Cowen & Co lowered the price target from $175 to $155 (18% upside) and maintained an Outperform rating on the shares.
Stephens & Co cut the price target from $176 to $160 (22% upside) and maintained an Overweight rating on the shares.
Price Action: DRI shares are trading lower by 0.64% at $131.56 on the last check Friday.

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