Darden downgraded to Neutral after outperformance at Baird

Baird analyst David Tarantino downgraded Darden Restaurants to Neutral from Outperform with a price target of $150, up from $134. The analyst still has a "very positive view" of the company’s internal operating fundamentals, and believes Darden is on track to deliver good results in fiscal Q2 and Q3. However, when factoring in the year-to-date outperformance for the shares and the "lingering risks related to the macro outlook," the risk/reward on Darden has become more balanced at current valuation metrics, Tarantino tells investors in a research note.