Brinker price target lowered to $35 from $40 at Piper Sandler

Piper Sandler lowered the firm’s price target on Brinker to $35 from $40 and keeps a Neutral rating on the shares. Brinker has pulled back on deep discounting, reduced the focus on Virtual Brands, simplified operations via the removal of ~50 menu items and SKU’s, and invested to put labor back into the restaurant, all of which pave the way for the return to national advertising, the analyst tells investors in a research note.