Darden Restaurants' (DRI) "healthy" same-store sales momentum should help counter investor concerns about tougher upcoming comparisons, particularly at Olive Garden, Oppenheimer said Tuesday in a report.

Darden's model "will prove more reliable than perceived," with earnings positioned to benefit into fiscal 2027 from a more favorable spread between prices and costs, the report said.

Earnings "have been incredibly steady in the face of intense beef inflation" and any relief from those costs "could unlock positive revisions" to EPS, Oppenheimer said.

"Management's 'reinvestment' philosophy is paying clear dividends in above-average traffic versus the industry, and this could soon become better appreciated by investors," the report said.

Bearish risks include "a hard-landing macro scenario" that weakens consumer spending, the report said.

Oppenheimer reiterated its outperform rating on Darden's stock with a price target of $235.

Price: 202.57, Change: +0.93, Percent Change: +0.46