Brinker price target lowered to $170 from $185 at Citi

Citi lowered the firm’s price target on Brinker (EAT) to $170 from $185 and keeps a Neutral rating on the shares as part of a fiscal Q3 earnings preview. Chili’s is well positioned to drive continued share gains, which should lead to relative share outperformance for Brinker “in a choppy consumer tape,” the analyst tells investors in a research note. However, the firm says that in the absence of new store growth, it is difficult to underwrite a premium multiple sustaining for Brinker shares over time.