UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Darden Restaurants on Lowered Estimates
In a report published Monday, Jefferies reiterated its Hold rating on Darden Restaurants (NYSE: DRI), but lowered its price target from $47.00 to $44.00.
Jefferies noted, “Ahead of next week's investor meeting, DRI released a F3Q EPS outlook that came in below consensus as SSS slowed. Although we believe most of the deceleration is due to the impact of tax changes/refund delays & weather, we have very little visibility on a NT operating turnaround. We lowered EPS & PT, and maintain our Hold rating as we believe the 4% dividend yield is sustainable & provides support at these levels.”
Darden Restaurants closed on Friday at $46.22.
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