NEW YORK (TheStreet) -- RATINGS CHANGES
Darden Restaurants (DRI - Get Report) was initiated with a buy rating at Deutsche Bank. Twelve-month price target is $72. Darden is in the process of re-establishing its casual dining leadership position by leveraging its scale, improving its food (taste, quality, etc.) and operations, after a number of years of underperformance, Deutsche Bank said. The company's willingness to evaluate all aspects of its business model, along with a fresh perspective from the top, can help return this storied restaurant company to its prominent position across the industry, Deutsche Bank also said.
Kate Spade (KATE) was initiated with a perform rating at Oppenheimer. Valuation call, as the company has relatively low margins, Oppenheimer said.
McDonald's (MCD - Get Report) was initiated with a buy rating at Deutsche Bank. Twelve-month price target is $120. A new CEO and organization structure/ownership mix changes are among moves aimed at reversing MCD's fortunes after another year of lackluster EPS and stock performances, Deutsche Bank said. The willingness to question once-off-limits strategies and sacrifice "sacred cows" philosophies while investing in menu and technology may begin to drive results in the not-too-distant future, Deutsche Bank also said.
Marriott Vacations (VAC - Get Report) was downgraded at JMP Securities to market perform from outperform. Valuation call, as the stock is up 20% year to date and near the previous 12-month price target of $90, JMP Securities said.
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