UPDATE: Goldman Sachs Downgrades Darden Restaurants to Neutral on Soft November Comps
Goldman Sachs reduced its rating on Darden Restaurants (NYSE: DRI) from Buy to Neutral and lowered its price target from $65 to $49.
Goldman Sachs commented, "We downgrade DRI shares from Buy to Neutral as we fully digest the implications of the company's soft November quarter results. We continue to see DRI as a high-quality company with good brands, and we had previously been attracted by DRI's risk-reward profile, especially in light of a potential Olive Garden turnaround. However, our confidence in a timely Olive Garden turnaround appears to have been misplaced and trends at DRI's other brands have since deteriorated."
Darden Restaurants closed at $46.66 on Wednesday.
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