UPDATE: Miller Tabak Cuts PT to $54 on Darden Restaurants on Choppy Earnings Environment

Miller Tabak maintained Darden Restaurants

with a Buy rating and lowered the price target from $55.00 to $54.00. Miller Tabak commented, "We reiterate our Buy rating on Darden Restaurants (DRI) following this week's investor conference as we argue management is laying the groundwork for a longer-lasting turnaround at the company's three main brands. Although the company's value initiatives arguably have amplified negative comps recently, we think over time these initiatives will lead to increased customer visits as they did in the mid-scale bar-andgrill segment in 2011. We acknowledge the earnings environment remains a choppy one for DRI, particularly as the company adjusts its compensation structure for restaurant-level managers, and for this reason we lower our price target to $54 (from $55)." Darden Restaurants closed at $46.83 on Wednesday.