JP Morgan has upgraded Darden Restaurants (NYSE: DRI) from Neutral to Overweight

The price target has been raised from $74 to $82 a share to reflect a 14x of the company’s 2022 EPS estimate. The stock opened at $74.31, up $2.22. According to JP Morgan, “Marketing is being given a complete re-appraisal and G&A is also being looked at now that the worst of the crisis is behind the company. Finally, DRI’s cash position allows flexibility as the crisis continues whether for a scale-benefitting well-priced acquisition or reinstatement of the dividend.”


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