UPDATE: Citigroup Initiates Brinker International at Buy on Return Outlook

Citigroup initiated coverage on Brinker International

with a Buy rating and a $38 price target. Citigroup commented, "EAT has focused on strengthening their brand image through 5 pillars of growth – strengthening their base menu, making the brand fresh and relevant, targeting key dayparts for growth, achieving operational excellence, and improving the business model. These initiatives have helped improve margins significantly and the company is now half way through its goal of growing operating margins by 400 bps by FY2015 (ended June)." Brinker International closed at $30.77 on Wednesday.