Darden news makes catalysts more likely, says Wells Fargo After Darden announced that its CEO would step down at the end of the year, that the chairman and CEO roles would be split, and that it would enable its primary activist investor to have at least three board seats after September 30, Wells Fargo believes the moves increase the potential of share price catalysts. In the next 12-24 months the firm believes that the company could spin off its faster growing/earlier stage Specialty Restaurant Group concepts and more aggressively cut its costs. The firm keeps an Outperform rating on the shares.
Opco reiterates Darden as a top idea after CEO news Oppenheimer reiterates Darden as a top idea after the company removed the temporary status of CEO Gene Lee. Opco views the development as an incremental positive and reiterates an Outperform rating on the name.