Deutsche Bank Raises PT on Yum! Brands to $62
Deutsche Bank has published a research report on Yum! Brands (NYSE: YUM) and has raised the price target from $60 to $62.
In the report, Deutsche Bank writes, "YUM CEO [David] Novak hosted another rousing, upbeat Dec investor meeting on Wed. Some of the meeting's thunder was stolen by 2012 guidance offered on Mon., though incremental data points/commentary netted out to the positive in our view. While YUM remains a unique, compelling retail growth story (with good cash flow), we still believe the focus is too heavy on building new restaurants and not enough on optimizing the 38k already in the ground. Plus, valuation has increased significantly in recent weeks."
Deutsche Bank maintains its Hold rating on Yum! Brands, which is currently trading up $0.47 from yesterday's $57.49 closing price.
