Shares of Brinker International (EAT), the parent company of Chili's and Maggiano's Little Italy, surged 6.70% in Thursday's trading session following the release of its first-quarter earnings report. The company's performance, particularly the success of its Chili's brand, appears to have impressed investors and analysts alike.
During the recent earnings call, Brinker International highlighted the strong performance of Chili's, which likely contributed significantly to the positive market reaction. While specific details were not provided, the success of the company's flagship brand seems to have bolstered investor confidence in Brinker's overall strategy and growth prospects.
Following the earnings release, several Wall Street firms adjusted their outlook on Brinker stock. JP Morgan and Wells Fargo maintained their Overweight ratings, indicating a positive stance on the company's future. However, BofA lowered its price target to $182 from $192, while still maintaining a Buy rating. Barclays and Citigroup kept their ratings at Equal-Weight and Neutral, respectively. These mixed but generally positive analyst actions further underscore the market's optimistic response to Brinker's quarterly results.