Zacks Investment Research upgraded shares of Brinker International Inc. (EAT) from NEUTRAL to OUTPERFORM on July 17, 2012, with a target price of $39.00.
Brinker's third quarter 2012 earnings came in above the Zacks Consensus Estimate. Besides repositioning its Chili s brand, the company is undertaking several initiatives to continue its positive sales momentum as well as record more sustainable and stable growth. The company's strategy to focus on international expansion, in order to move away from the over-supplied domestic market, undertake cost-control measures and enhance shareholder value, looks promising for its business. The company remains on track to double its EPS and achieve margin expansion of 400 bps by 2015. Hence, we are upgrading the stock from Neutral to Outperform.
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