UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Darden Restaurants, Inc. on Improving Momentum

In a report published Monday, Credit Suisse analyst Jason West reiterated a Neutral rating on Darden Restaurants, Inc. DRI, and raised the price target from $62.00 to $69.00. In the report, Credit Suisse noted, "Solid EPS and guidance, DRI reported F3Q adj. EPS of $0.99 vs. CS $0.85 and cons. $0.84. EPS beat was driven by lower expenses, with all the major line items coming in below our estimates. Even though the core Olive Garden brand remains sluggish, the balance of the DRI story is moving in the right direction. The company announced initial progress on real estate monetization, a significant cost cutting program and posted healthy SSS across the remaining brands. We retain a Neutral rating following share price appreciation; however upgrade forecasts and valuation to reflect an improved cost outlook." Darden Restaurants, Inc. closed on Friday at $66.75.