Full-service restaurant operator Darden Restaurants, Inc. (DRI) on Friday caught some bullish commentary from analysts at Wells Fargo.
The firm said it started coverage on DRI with an “Outperform” rating and a $58 to $62 price target range. That range suggests up to a 22% upside to the stock’s Thursday closing price of $50.89.
A Wells Fargo analyst commented, “We expect Darden to retake market share and drive multiple expansion in the coming quarters as Olive Garden, Red Lobster, and LongHorn Steakhouse benefit from (1) an increasing focus on explicit value promotions and price certainty, (2) remodels, and (3) a growing media presence (LongHorn).”
Darden Restaurants shares were unchanged in premarket trading Friday.
The Bottom Line
Shares of Darden Restaurants (DRI) have a 3.38% dividend yield, based on last night’s closing stock price of $50.89. The stock has technical support in the $46-$48 price area. If the shares can firm up, we see overhead resistance around the $52-$54 price levels.
Darden Restaurants, Inc. (DRI) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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