BMO Capital raised the firm’s price target on Darden to $165 from $160 but keeps a Market Perform rating on the shares ahead of its Q3 results. The analyst cites more favorable near-term food costs but also reduces the firm’s Q3 comp estimates below consensus while highlighting the company’s moderating traffic share gains. The firm adds that it sees a balanced risk/reward and a more challenged sales and margin setup through the second half of FY24.
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