Darden price target raised to $200 from $192 at Citi

Citi raised the firm’s price target on Darden to $200 from $192 and keeps a Buy rating on the shares ahead of quarterly results. The firm expects a mixed update from Darden that will show how the company was not immune to Mother Nature’s fickle manner and that core brand advantages once again allowed the company to outpace industry trends and keep FY24 guidance intact. Measured industry data has improved with weather normalizing, and Citi thinks Darden strikes a cautiously optimistic tone on the health of the consumer, which, along with ongoing labor/food inflation, the firm believes will give them confidence to take more price across the portfolio.