UPDATE: Bank of America Raises PT to $62 on Darden Restaurants on Sales Strength Indications

Bank of America reiterated its Buy rating on Darden

and raised its price objective from $59 to $62. Bank of America noted, "Our higher price objective reflects increased estimates and a focus on FY 2014 when the initial dilutive effect of the Yard House acquisition is no longer a drag on earnings. Better than expected 1Q (August) EPS and sales push our EPS estimates for FY 2013 and FY 2014 to $3.83 and $4.45, up from $3.81 and $4.43, respectively. In our view, signs of sales progress before the company's programs are launched were more important than the upside to earnings." Darden Restaurants closed at $57.21 on Friday.