Morgan Stanley analyst Brian Harbour lowered the firm’s price target on Brinker (EAT) to $33 from $38 and keeps an Equal Weight rating on the shares. The firm is applying a lower multiple to its estimates as it believes that near term investments will likely be an overhang and peers with strong margin profiles and sales momentum, such as Darden (DRI) and Texas Roadhouse (TXRH), will command more of relative premium in the current environment.
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