Chuy’s downgraded to Equal Weight from Overweight at Stephens

Stephens downgraded Chuy‘s (CHUY) to Equal Weight from Overweight with a price target of $37.50, up from $36, after Darden Restaurants (DRI) announced its plans to acquire Chuy’s for approximately $605M in an all-cash transaction. The firm believes Chuy’s is a concept Darden “has long had its eyes on” given the company’s strong operations and number one position as a casual diner in the growing freshly prepared Mexican category, the analyst tells investors.