2025-06-13-Jefferies-达登餐饮（DRI）_永不落幕的价值吸引力正在恢复；上调评级至持有_12页_445kb

Darden Restaurants (DRI) has been upgraded to Hold from Underperform, reflecting improved performance at Olive Garden and a return to "Every Day Affordable Price" (EDAP) leadership, with positive trends in foot traffic and same-store sales (SSS). The price target has been raised to $210, justifying the valuation based on modestly improved SSS estimates and flow-through effects, though the stock is considered rich compared to historical averages. Key catalysts include the rollout of Uber Direct, expected to add 100-250bps to SSS by 2026, and ongoing initiatives offsetting broader traffic pressures. Risks include potential tariff impacts, beef price volatility, and slower unit growth relative to peers, with valuation supported by traffic improvements but still above peer levels.