BUZZ-Brinker shares rise as Jefferies upgrades rating to "Buy" and says Chili's has fully recovered

October 14 - ** The share price of casual dining chain Chili's parent company Brinker International (EAT.N) rose more than 3% in premarket trading, to $209.21

** Jefferies upgraded the stock rating from "Hold" to "Buy"; the price target was raised from $230 to $255, representing 26% upside potential compared with the previous trading day's closing price

** The institution stated that Chili's has achieved a full recovery—with per-restaurant sales rising from $3 million to over $5 million in three to four years

** Menu updates, increased foot traffic, new store openings, store renovations, and share buybacks are expected to drive performance growth

** Since currently only one-fifth of Chili's restaurants have achieved the higher gross margin brought by its best-selling dishes, profits may exceed expectations—according to brokerage analysis

** Of 23 brokerages, 20 have rated the stock as "Buy" or higher, 3 recommend "Hold"; the median price target is $275—data compiled by LSEG

** As of the previous trading day's close, the stock had gained 41% year-to-date

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