Brinker International Inc (EAT) recently announced its first-quarter earnings, surpassing expectations and leading to positive adjustments by analysts.
The company reported revenues of $1.012 billion for the first quarter, slightly exceeding the consensus estimate of $1.010 billion. Additionally, the adjusted earnings per share (EPS) of $0.28 surpassed analysts’ expectations of $0.06.
Looking ahead to FY24, Brinker reaffirmed its sales outlook of $4.27 billion to $4.35 billion, compared to the estimated $4.31 billion. The company also raised its adjusted EPS guidance to $3.35-$3.65 from $3.15-$3.55, exceeding the estimated $3.32.
Despite the positive earnings, Brinker shares experienced a 2.6% decline, trading at $33.58 on Thursday.
Following the earnings announcement, several analysts made changes to their price targets for Brinker:
- Wedbush: Raised the price target from $33 to $37. Analyst Nick Setyan maintained a Neutral rating.
- Barclays: Increased the price target from $34 to $36. Analyst Jeffrey Bernstein maintained an Equal-Weight rating.
- Morgan Stanley: Raised the price target from $33 to $36. Analyst John Glass maintained an Equal-Weight rating.
- Raymond James: Raised the price target from $40 to $42. Analyst Brian Vaccaro maintained a Strong Buy rating.
Investors are now eagerly awaiting Apple’s Q4 report. Stay tuned to see how the most accurate analysts revise their forecasts ahead of the earnings call.
