As previously reported, Gordon Haskett upgraded Brinker to Buy from Hold with a $48 price target. The firm increasingly likes the risk/reward on shares given its expectation for accelerating market share recapture driven by TV advertising of value-based menu offerings and traffic tailwinds with the rollout of targeted digital marketing in spring 2024. The firm notes Chili’s has seen five-consecutive quarters of 3% or greater mix growth and says it sees Brinker’s continued efforts supporting 2% or greater mix growth over the next four quarters.
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