Bank of America: Darden Earnings Preview - Darden Restaurants (NYSE:DRI), Laboratory Corp (NYSE:LH)

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In a research report published today, Bank of America expects Darden Restaurants Inc.'s (NYSE: DRI) February SSS to be up mid-single digits.According to Bank of America, “Before the company's investor day, Darden pre-announced blended same store sales up 4%, including Olive Garden (OG) up 2%, Red Lobster (RL) up 6% and LongHorn (LH) up 7%. Weather added 200 bps to the blended comp and an earlier start to Lent also added 70 bps (a positive for RL but negative for LH). OG's return to positive territory, following two negative quarters, most notably exceeded our expectations but trends for all concepts were above expectations. Same store sales were described as improving through the quarter so the Feb. monthly result for OG will be especially important.”Bank of America maintains its Buy rating and $62 PT on Darden Restaurants, which closed yesterday at $52.63.

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