RBC Capital analysts released their outlook on Darden Restaurants, Inc. (NASDAQ:DRI) ahead of the company’s upcoming Q4 earnings, expected to be reported on June 23.
The analysts expect quarterly EPS of $2.21, compared to the Street estimate of $2.22 and implied guidance of $2.13-$2.28. For the full 2023 year, the analysts expect EPS of $8.01 and believe investor expectations are roughly in line with their thinking.
While the analysts continue to take a more conservative view compared to the Street estimates ($8.20 for 2023 EPS), they expect the company to provide a wide guidance range for key 2023 metrics–similar to 2022 guidance provided this time last year–which could potentially meet the Street’s estimate at the high-end of the range.
Furthermore, the analysts believe the company will frame its guidance in the context of its long-term total shareholder return target of 10-15%.