Shares of Darden Restaurants (DRI) ended Thursday's session higher, before dropping in after-hours trading. The restaurant operator — who owns Olive Garden and LongHorn Steakhouse in its portfolio of chain brands — received a downgrade from Hold to Underperform by Jefferies analysts. The team also cut its price target on the stock from $154 to $124 per share.

Jefferies cites near-term challenges to Darden's fundamentals as the primary reason for the downgrade, with tighter consumer spending habits set to impact dining experiences.

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This post was written by Angel Smith and updated by Luke Carberry Mogan.