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Baird analysts led by David Tarantino told their clients in a research note, "We have been highly encouraged by the improvement in operating momentum that DRI has delivered over the past several quarters; however, with respect to the stock, our positive view of DRI's internal fundamentals is being tempered by valuation (NTM EV/EBITDA 8.9X) and some concerns about the recent choppiness in broader casual dining industry trends."
The analysts expect comps to come in either close to or slightly below the estimations in the fourth quarter. However, they are expecting the company to deliver earnings either at or above estimations due to positive cost dynamics.
The brokerage said that it was comfortable in calling for the fourth-quarter earnings at or above predictions due to the prospects on margin assumption to demonstrate higher EBIT margin. The analysts' confidence is because of the favorable margin outlook supported by expected deflations in commodity apart from continued gains from cost control measures.
The analysts concluded by indicating, "We still think our EPS estimate has an upward bias based on potential for cost savings initiatives (carryover benefits from F2016 reductions plus incremental $30-40 million in 2017E) and benign commodity costs (beef deflation) to support EBIT near/above our +7 percent assumption (long-term target +7–10 percent)."
At time of writing, Darden shares were down 2.98 percent on the day at $64.85.
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.