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BofA Upgrades Brinker International to Neutral, Raises Price Target on Chili’s Turnaround Progress

- (Last modified: Oct 11, 2024 2:05 AM)

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BofA Securities analysts upgraded Brinker International (NYSE:EAT) to Neutral from Underperform, setting a new price target of $90, up from $63. The upgrade follows significant investor optimism around the turnaround efforts at Chili’s under CEO Kevin Hochman, with Brinker’s stock rallying 95% year-to-date and its valuation rising as a result.

While the analysts acknowledged that the stock’s recent performance is justified by successful turnaround catalysts, they noted a balanced risk/reward profile moving forward, which supports a Neutral stance. The analysts anticipate that Chili’s may continue to benefit from near-term drivers of growth but question the long-term sustainability of these topline gains and the likelihood of further EPS upgrades.

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