UPDATE: J.P. Morgan Downgrades Brinker Following Model Update
In a report published Tuesday, J.P. Morgan analyst John Ivankoe downgraded Brinker (NYSE: EAT) from Overweight to Neutral, but raised the price target from $42.00 to $45.00.
In the report, J.P. Morgan noted, “The company has a stated goal of reaching $4.00 in F17 EPS from $1.96 in F12 (mid-teens CAGR) through a combination of top-line comp-driven growth, margin expansion, and share repurchase. We see this high FCF/cash for repurchase as well as visible comp and margin drivers allowing the company to achieve this goal but believe this is nearly reflected in the stock price after performance YTD. As a result we believe a Neutral rating is now warranted.”
Brinker closed on Monday at $40.95.
Latest Ratings for EAT
|Jan 2016||Bank of America||Maintains||Underperform|
|Nov 2015||Goldman Sachs||Downgrades||Buy||Neutral|
|Oct 2015||Argus Research||Downgrades||Buy||Hold|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.