BTIG’s Krinsky: ‘It’s time to look at Restaurants’ – EAT reaches all-time high
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Investors should start looking at restaurant names that have timely setups, said Jonathan Krinsky, chief market technician at BTIG, in a note.
Brinker International (NYSE:EAT) is up almost 200% year-to-date, while Nvidia (NVDA) is up 176.5%.
“Brinker International (EAT) is not in the S&P 500 (SP500), but if it were, it would be the third best performing stock year-to-date,” said Krinsky.
Prior to this year, the three best years for Brinker Intl. (EAT) since its initial public offering were 1991, up 143%; 1998, up more than 80%; and 2000, up more than 75%. After that, its best year was in 2013, up more than 50%.
The stock is also about 90% above its 200-day moving average, which is another all-time high.
Brinker Intl. (EAT) is also rated ‘Buy’ by Seeking Alpha, with a quant rating of 3.66. It’s about 1% down today.
“We think it’s time to fade Brinker Intl. (EAT) and look to rotate to other names in the space,” Krinsky said.
These are the stocks he mentioned: