Canaccord Genuity Increases Darden Restaurants (DRI) Price Target to $120.00

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Darden Restaurants (NYSE:DRI) had its price target raised by analysts at Canaccord Genuity from $115.00 to $120.00 in a report released on Friday. The firm presently has a “buy” rating on the restaurant operator’s stock. Canaccord Genuity’s price objective suggests a potential upside of 10.22% from the stock’s previous close.

Several other brokerages also recently weighed in on DRI. SunTrust Banks upgraded Darden Restaurants from a “hold” rating to a “buy” rating and boosted their target price for the stock from $104.00 to $110.00 in a research note on Wednesday, June 6th. Stifel Nicolaus boosted their target price on Darden Restaurants to $115.00 and gave the stock a “buy” rating in a research note on Thursday. Maxim Group restated a “buy” rating and set a $112.00 target price on shares of Darden Restaurants in a research note on Wednesday, April 18th. Deutsche Bank dropped their target price on Darden Restaurants from $99.00 to $96.00 and set a “hold” rating on the stock in a research note on Friday, March 23rd. Finally, Raymond James upgraded Darden Restaurants to a “buy” rating in a research note on Monday, April 2nd. Twelve equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Darden Restaurants presently has an average rating of “Buy” and a consensus price target of $103.57.

Shares of Darden Restaurants opened at $108.87 on Friday, MarketBeat reports. Darden Restaurants has a 12-month low of $76.27 and a 12-month high of $109.53. The company has a current ratio of 0.40, a quick ratio of 0.25 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $13.23 billion, a PE ratio of 22.63, a P/E/G ratio of 1.79 and a beta of 0.20.

Darden Restaurants (NYSE:DRI) last announced its earnings results on Thursday, June 21st. The restaurant operator reported $1.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.04. Darden Restaurants had a return on equity of 29.02% and a net margin of 7.38%. The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the business earned $0.99 EPS. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. equities research analysts forecast that Darden Restaurants will post 5.45 EPS for the current year.

Hedge funds have recently modified their holdings of the company. Jacobi Capital Management LLC lifted its holdings in shares of Darden Restaurants by 79.3% in the 1st quarter. Jacobi Capital Management LLC now owns 1,585 shares of the restaurant operator’s stock valued at $133,000 after buying an additional 701 shares during the period. Trilogy Capital Inc. acquired a new position in shares of Darden Restaurants in the 1st quarter valued at about $140,000. TLP Group LLC lifted its holdings in shares of Darden Restaurants by 761.3% in the 1st quarter. TLP Group LLC now owns 2,093 shares of the restaurant operator’s stock valued at $178,000 after buying an additional 1,850 shares during the period. Cetera Advisor Networks LLC acquired a new position in shares of Darden Restaurants in the 4th quarter valued at about $200,000. Finally, Ostrum Asset Management acquired a new position in shares of Darden Restaurants in the 1st quarter valued at about $180,000. 89.15% of the stock is owned by institutional investors and hedge funds.

About Darden Restaurants

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of June 27, 2017, it owned and operated approximately 1,700 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, and Eddie V's brands.

Analyst Recommendations for Darden Restaurants (NYSE:DRI)

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