Brinker downgraded to Outperform from Strong Buy at Raymond James

Raymond James downgraded Brinker to Outperform from Strong Buy with a price target of $82.50, up from $62. The analyst bekjueves the stock is approaching fair value after its 65% year-to-date gain. However, the firm sees room for further upside, supported by positive estimate revisions and “healthier” store margin and balance sheet dynamics. Raymond James is optimistic that Chili’s “”disruptive marketing campaigns and increased relevance on social media, combined with menu improvements achieved in the last 18 months, has reintroduced the brand to some new and lapsed customers.