|Bid||18.00 x 21500|
|Ask||21.47 x 4000|
|Day's Range||19.40 - 19.61|
|52 Week Range||16.30 - 25.00|
|PE Ratio (TTM)||16.92|
|Earnings Date||Nov 1, 2018 - Nov 5, 2018|
|Forward Dividend & Yield||0.36 (1.94%)|
|1y Target Est||23.33|
Of the 26 analysts that follow Darden Restaurants (DRI), 53.8% have recommended “buys” on its stock as of September 14, while the remaining 46.2% have recommended “holds.” No analysts have given the stock “sell” recommendations. On average, analysts have set a target price of $119.15 on the stock as of the same day.
For our valuation analysis of Darden Restaurants (DRI), we’ve opted to consider its forward PE multiple due to the high visibility of its future earnings. Darden’s strong fiscal fourth-quarter earnings results and the optimistic outlook set by its management have led to an increase in its stock price and its valuation multiple.
Analysts expect Darden Restaurants (DRI) to post EPS of $1.24 in the first quarter of fiscal 2019, a rise of 25.3% from its EPS of $0.99 in the corresponding quarter of fiscal 2018. This EPS growth will likely be driven by revenue growth, the expansion of its net margin, and share repurchases. Analysts expect Darden’s net margin to expand from 6.5% in the fiscal first quarter of 2018 to 7.5% in the fiscal first quarter of 2019.
For the fiscal first quarter of 2019, analysts expect Darden Restaurants (DRI) to post revenue of $2.03 billion, a rise of 5.0% from $1.94 billion in the corresponding quarter of the previous year. This revenue growth will likely be driven by the addition of new restaurants and positive SSSG (same-store sales growth). Compared to its fiscal first quarter of 2018, Darden operated nine more Olive Garden restaurants, 13 more LongHorn Steakhouse restaurants, 15 more Cheddar’s Scratch Kitchen restaurants, four more Yard House restaurants, two more Capital Grille restaurants, one more Bahama Breeze restaurant, and one more Eddie V’s restaurant at the end of the fiscal fourth quarter of 2019.
On September 14, Darden was trading at $119.05, a rise of 27.6% since its announcement of its earnings results for the fiscal fourth quarter of 2018 on June 21. In its earnings for the fiscal fourth quarter of 2018, Darden posted adjusted EPS of $1.39, outperforming analysts’ consensus expectation of $1.35. After its earnings release, Darden’s management set an optimistic outlook.
Goldman Sachs’s upgrade appears to have increased investors’ confidence, leading to a rise in Darden Restaurants’ (DRI) stock price. On September 11, Darden hit a new 52-week high of $120.93 before closing the day at $119.28, which represents a rise of 0.6% from its previous day’s closing price.
On September 11, Goldman Sachs upgraded Darden Restaurants (DRI) from “neutral” to “buy,” and also raised its price target from $106 to $130, which represents a return potential of 8.9% from its current stock price of $119.38. Karen Holthouse of Goldman Sachs is optimistic about the restaurant sector and expects the increase in consumer spending to drive restaurants’ sales higher in the second half of 2018. Despite the risks of the increase in labor and delivery costs, Holthouse is optimistic about Darden due to the expectation of strong sales from its off presence business such as takeout and delivery.
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