UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT for Darden Restaurants
In a report published earlier today, BMO Capital Markets reiterated its Market Perform rating for Darden Restaurants, Inc. (NYSE: DRI), but slightly lowered its price target from $57.00 to $56.00.
BMO Capital went on to say “We continue to believe that DRI's strong CF (~13% “adjusted” CF yield for FY2013), ~12.8x forward P/E, ~7x EV-to-EBITDA, and 4% dividend are attractive. Our $56 price target (down $1) reflects an 8.5x multiple (~12% yield) on our FY2013 “adjusted” cash flow forecast.”
Darden Restaurants, Inc. closed on Friday at $50.04.
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Tags: BMO Capital Markets