Brinker Analysts Boost Their Forecasts Following Strong Earnings

Brinker International Inc EAT reported better-than-expected earnings for its first quarter.

Brinker International reported first-quarter revenues of $1.012 billion, marginally beating the consensus of $1.010 billion. Adjusted EPS of $0.28 topped estimates of $0.06.

For FY24, Brinker reaffirmed the outlook for sales at $4.27 billion-$4.35 billion vs. the $4.31 billion estimate. The company raised adjusted EPS to $3.35-$3.65 from $3.15-$3.55 versus the $3.32 estimate.

Brinker shares fell 2.6% to trade at $33.58 on Thursday.

These analysts made changes to their price targets on Brinker following earnings announcement.

• Wedbush raised the price target on Brinker from $33 to $37. Wedbush analyst Nick Setyan maintained a Neutral rating.
• Barclays increased the price target on Brinker from $34 to $36. Barclays analyst Jeffrey Bernstein maintained an Equal-Weight rating.
• Morgan Stanley raised the price target on Brinker from $33 to $36. Morgan Stanley analyst John Glass maintained an Equal-Weight rating.
• Raymond James raised the price target on Brinker from $40 to $42. Raymond James analyst Brian Vaccaro maintained a Strong Buy rating.

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