Brinker upgraded to Neutral from Underperform at BofA

BofA upgraded Brinker to Neutral from Underperform with a price target of $90, up from $63. Investor enthusiasm for a turnaround at Chili’s and successful execution by CEO Kevin Hochman are evident in the stock’s 95% year-to-date rally and multiple expansion, says the analyst, who views the outperformance as “justified.” However, the risk/reward looks balanced from here, adds the analyst, who thinks Chili’s benefits in the near term from the catalysts that drove its turnaround, though sustainability of topline growth and potential for upward EPS revisions are “in question.”