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According to Jefferies, Darden Restaurants
DRI price target is lowered to $53.
Jefferies said that DRI preannounced lower than expected EPS, driven by weaker SSS at its profitable OG concept. “Our $53 PT (from $58) is based upon a P/E of 14x F12E vs. a 10-year average of 14.5x. Risks: 1) SSS volatility in a slow recovery, 2) challenges hitting new unit return goals.”
Darden Restaurants closed yesterday at $46.18.
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