BUZZ-Brinker International falls after brokerage cuts to 'outperform'

Reuters07-08

** Chili's Grill & Bar operator Brinker International's

shares down as much as 2.3% to $69.14

** Brokerage Raymond James lowers rating on company's shares to "outperform" from "strong buy," citing stock is approaching fair value after its ~65% YTD gain

** "We suspect management will guide FY25 conservatively, leaving room for potential beats if comps remain strong" - brokerage

** Raymond James raises PT to $82.5 from $62, says increased marketing, relevance on social media and improved menu of its restaurant brand Chili's "should drive strong EPS growth into FY25"

** 6 of 19 brokerages rate the stock "buy" or "higher", 10 "hold" and 3 "sell"; median PT $56 - LSEG

** As of last close, stock up nearly 62% YTD

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))

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