UPDATE: Oppenheimer Lowers PT on Darden Restaurants Following 1Q14E EPS Cut

In a report published Wednesday, Oppenheimer analyst Brian Bittner reiterated an Outperform rating on

, but lowered the price target from $58.00 to $54.00. In the report, Oppenheimer noted, “We cut 1Q14E EPS (Jun.-Aug.) below consensus to incorporate weaker industry trends since early June. Stock likely stuck until Street gets more comfortable and confident with '14/'15 earnings projections (e.g., industry sales rebound or DRI's comparison ease proves beneficial). Until then, downside appears limited (low buy-side expectations, ~4.7% dividend yield, 14x P/E). For 1Q14, many expect a ‘pre-announcement' prior to 9/20 release date. We do not, given our view that low-end of full-year guidance is still achievable (flat comps, -5% EPS) and management has no quarterly outlook to update (unlike Sept-11).” Darden Restaurants closed on Tuesday at $46.46.