Bernstein analyst Danilo Gargiulo downgraded Darden to Market Perform from Outperform with a price target of $180, down from $190, following the Q1 report. With continued macro pressures across all income cohorts, Darden marginally missed same-store sales. With upside from the company’s strategic actions embedded in the guidance, creating no more near-term catalysts, “market exuberance” on the Uber Direct partnership, labor inflation risk and the recent stock rally, Bernstein “tactically” downgrades the shares, the analyst tells investors in a research note.
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