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BMO Capital Markets initiated coverage on Brinker International, Inc. (NYSE: EAT) in a report issued Thursday with a Market Perform rating and $49 price target.
Analyst Andrew Strelzik believed that "Brinker is a relatively safe investment owing to its strong free cash flow, consistent dividend growth, and limited operating profit volatility."
Strelzik added that he believed "FY2015 earnings expectations are appropriate and that Brinker will generate 10-15 percent earnings growth for the foreseeable future, largely driven by share repurchases."
While "relatively safe," Strelzik felt "there are more advantageous investment opportunities...as we see limited near-term earnings upside and Brinker’s ability to sustainably accelerate traffic is not without risk."
The report concluded with the firm’s FY2015 EPS at $3.08 which is in line with consensus, "while our FY2016 estimate of $3.53 is $0.03 above consensus."
The price target implied a 16x P/E multiple on the firm's FY2015 estimate, "which is a premium to its historical average multiple (13x-14x), but modestly below its current multiple (16x-17x)."
Brinker International, Inc. closed at $53.51 Thursday, up 0.72 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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