UPDATE: Sterne Agee Cuts PT to $55 on Darden Restaurants Following Q2 Miss

Sterne Agee reiterated its Buy rating on Darden Restaurants DRI but reduced its price target from $63 to $55. Sterne Agee commented, "We believe that the shortfall in 2Q earnings is the function of a soft macro environment coupled with company-specific missteps on the promotional front. While disappointing, we have lowered our EPS estimates to the low end of management's guidance and believe that the bad news is largely reflected in the stock at this level. Also, we believe that a dividend yield of ~4.3% will provide support for the stock." Darden Restaurants closed at $47.40 on Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetIntraday UpdateAnalyst RatingsSterne Agee
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!