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NEW YORK - An analyst upgraded Darden Restaurants Inc. on Thursday to "Neutral" from "Underperform," and said the most recent drop in its share price had absorbed the major risks it had faced.
Darden is the parent company of the Olive Garden and Red Lobster brands.
"We now suspect DRI shares will trade in-line with the market over the next 12 months," Cowen and Co. analyst Paul Westra wrote to investors in a research note.
"In the context of a U-shaped recession, DRI's comps are likely to remain above-peers' as DRI's industry-best promotional capabilities are likely to take special advantage of recent commodity-cost declines," the analyst wrote.
Westra also believes Darden will perform better than competitors amid the economic uncertainty.
He said Darden "typically outperforms its peer group during difficult economic times due to its industry-best promotional and marketing capabilities," he wrote.
Casual dining chains such as Darden have suffered as nervous consumers shifted more to fast food and cooking at home.
Darden's shares closed Wednesday at $17.50. Its shares have traded between $17.07 and $41.48 in the past 52 weeks.
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