Brinker International falls after brokerage cuts to 'outperform'

Brinker International

08/07/2024 15:41

** Chili's Grill & Bar operator Brinker International's
 EAT.N  shares down as much as 2.3% to $69.14
    ** Brokerage Raymond James lowers rating on company's shares
to "outperform" from "strong buy," citing stock is approaching
fair value after its ~65% YTD gain
    ** "We suspect management will guide FY25 conservatively,
leaving room for potential beats if comps remain strong" -
brokerage
    ** Raymond James raises PT to $82.5 from $62, says increased
marketing, relevance on social media and improved menu of its
restaurant brand Chili's "should drive strong EPS growth into
FY25"
    ** 6 of 19 brokerages rate the stock "buy" or "higher", 10
"hold" and 3 "sell"; median PT $56 - LSEG
    ** As of last close, stock up nearly 62% YTD

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