UPDATE: Piper Jaffray Upgrades Brinker International to Neutral on Same-Store Trends and Cost Control Across Assets

Piper Jaffray upgraded its rating on Brinker International EAT from Underweight to Neutral and raised its price target from $26 to $32. Piper Jaffray commented, "We are upgrading shares of EAT today to Neutral from Underweight following a reassessment of our prior thesis (ie a below average P/E multiple based on underperformance of same-store sales vs. Knapp Track and fear over cost savings not materializing.) Now, we recognize Chili's same-store sales trends again remain in positive territory (currently). Separately, management has effectively managed cost across restaurant-level line items, which we accept is likely sustained going forward." Brinker International closed at $32.28 on Friday.