by Sam Collins | September 13, 2012 2:37 am
Darden Restaurants (NYSE:DRI) — This company operates almost 2,000 restaurants in the United States and Canada, including Red Lobster, Olive Garden, LongHorn Steakhouse, The Capital Grille and Bahama Breeze.
Recently, S&P raised DRI to a “buy” from “hold,” noting that it is selling at just 12.2 times their FY 2014 (ended May 31) estimate, which is below the industry average of 18.5%. They estimate earnings of $4.46 for FY 2014 and $3.92 for FY 2013. Their price target is $62.
Technically DRI broke from a 14-month cup-and-handle formation on Wednesday, which was helped by a breakaway gap. The price target is $64.
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