UPDATE: Jefferies & Company Downgrades Darden Restaurants to Hold, Lowers PT

In a report published Wednesday, Jefferies & Company downgraded its rating on Darden Restaurants DRI to Hold, and lowered its price target from $61.00 to $47.00. Jefferies noted, “With DRI preannouncing a disappointing F2Q miss & once again lowering guidance into the qtr, we are downgrading the stock from Buy to Hold. Valuation is reasonable & we like the Yardhouse acq, but sales have stagnated despite multiple efforts to reinvigorate traffic. We cut our F13/14 EPS to $3.35/3.82, PT to $47 and rating to Hold as we await better visibility on the top line.” Darden Restaurants closed on Tuesday at $47.40.