Citi raised the firm’s price target on Brinker to $83 from $69 and keeps a Neutral rating on the shares. The firm says Chili’s “stood out as a clear” traffic and category winner in the Q3 on the back of product innovation, elevated media presence and investment in operations. Citi sees upside to the Street fiscal Q1 comp and earnings estimates on the back of this strength. However, with the stock up 19% over the past month and Brinker’s valuation sitting near multi-year highs, “investors haven’t missed this comp strength,” the analyst tells investors in a research note.
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