Deutsche Bank has decided to maintain its Hold rating of Darden Restaurants (NYSE:DRI) and lower its price target from $152.00 to $124.00.
Shares of Darden Restaurants are trading up 2.6% over the last 24 hours, at $118.60 per share.
A move to $124.00 would account for a 4.55% increase from the current share price.
About Darden Restaurants
Darden Restaurants is the largest restaurant operator in the U.S. casual and fine dining markets, with consolidated revenue of $7.2 billion in fiscal 2021 resulting in 3.8% market share (per Euromonitor data and our calculations). The company maintains a portfolio of eight restaurant chains: Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Eddie V's, and Bahama Breeze. Darden generates revenue almost exclusively from company-owned restaurants, though a network of 64 franchised restaurants and consumer-packaged goods sales through the traditional grocery channel contribute modestly. As of the end of Darden's fiscal 2022 third quarter, the company owned 1,855 restaurants in the U.S.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
