BofA upgrades Brinker International to 'neutral', raises PT

Brinker International

10/10/2024 17:32

** Brokerage BofA Global Research upgrades Brinker
International  EAT.N  to "neutral" from "underperform"
    ** Investor enthusiasm for a turnaround at Chili's
restaurant chain and successful execution by CEO Kevin Hochman
are evident in EAT's year-to-date rally of stock and multiple
expansion - brokerage
    ** Adds, operational improvements and effective marketing
have repositioned Chili's into a better company and brand than
it was before
    ** Raises PT to $90 from $63, expects persistent improvement
in sales performance in Q1 as EAT continues to spend on
advertising and its value offerings, at $10.99 price point,
garners appeal
    ** Adds, Chili's raising prices ahead of other casual diners
could further boost revenue
    ** Six of 19 brokerages rate the stock "buy" or "higher", 11
"hold" and two "sell"; their median PT is $69.50 - LSEG
    ** Including session moves, stock up nearly 93% YTD

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com;))