Darden Restaurants (DRI) NewsBite - DRI Downgraded By UBS

Posted on Tuesday, August 19, 2008 2:49 PM

Darden Restaurants (DRI) was downgraded today by analysts at UBS and the stock is now at $33.10, down $1.87 (-5.35%) on volume of 1,900,904 shares traded. The brokerage downgraded DRI to Neutral from Buy. Over the last 52 weeks the stock has ranged from a low of $20.89 to a high of $45.25. Darden Restaurants stock has been showing support around $33.72 and resistance in the $36.98 range. Technical indicators for the stock are neutral and S&P gives DRI a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on DRI the stock seems like it could be a candidate for an October out-of-the-money bear-call credit spread above the 40 range. [ABR-Seven Summits Strategic Investments NewsBite]