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Fly News Breaks for December 27, 2019
Dec 27, 2019 | 07:25 EDT
Argus analyst John Staszak downgraded Darden to Hold from Buy and also lowered his FY20 and FY21 EPS views by 10c and 20c to $6.40 and $7.10 respectively. The analyst is concerned with the company's softer customer traffic, weaker comp sales, and increased wage and commodity cost pressures weighing on its earnings in the near term. Based on its slowing comp growth, Staszak believes that Darden shares are valued "fairly" at 17-times his expected revised FY20 earnings estimate, though he would consider a positive re-rating if the company's comps improve or cost headwinds abate.
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