Friday September 25, 02:18 PM
STOCKS NEWS US-Bernstein starts coverage on U.S. restaurants
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0858 ET 25Sept2009-Bernstein starts coverage on U.S. restaurants ------------------------------------------------------------------------------
Bernstein on Friday started coverage on the U.S. restaurant sector with a 'market-weight' rating, writing that while it expects restaurant demand to recovery with personal income increases, 'we see a slower pace of normalized demand ahead.'
The firm rates McDonald's, Starbucks (NASDAQ: SBUX - news) and Darden Restaurants (NYSE: DRI - news) at 'outperform,' and Burger King (NYSE: BKC - news) , Wendy's and Yum! Brands at 'market perform.' Brinker International (NYSE: EAT - news) was rated 'underperform.'
'Emerging markets will lead growth as global demand continues to rebalance,' Bernstein wrote, 'but profitability and meaningful scale take years to achieve and first mover advantages are important; riskier country profiles inform our preference for a diversified exposure.'
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