Goldman Sachs reported on Thursday that it has upgraded restaurant company, Brinker International, Inc. (EAT).
The firm has raised its rating on EAT from “Neutral” to “Buy,” and has increased the company’s price target from $37 to $44. This price target suggests a 14% upside from the stock’s current price of $37.70.
Analyst Michael Kelter commented, “we have appreciated its cost cuts, FCF deployment, and international growth and believe that solid traffic growth may serve as the last key piece of the puzzle. It is accelerating remodels, something that is showing up in our survey as significantly improved brand scores. We believe this along with easier compares and new product launches will serve as a catalyst.”
Brinker shares were up 73 cents, or 1.94% during premarket trading Thursday. The stock has increased 37% in the past year.
The Bottom Line
Shares of Brinker International, Inc. (EAT) have a 2.12% yield, based on Wednesday’s closing price of $37.70.
Brinker International, Inc. (EAT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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