UPDATE: Jefferies Initiates Bloomin' Brands at Buy on SSS Growth Across Brands

Jefferies initiated its coverage on Bloomin' Brands

with a Buy rating and a price target of $17.50. Jefferies commented, "We believe that with a “brand management” philosophy, the current BLMN senior management team has established drivers at Outback and the other brands to consistently drive SSS outperformance. We would look for +3% SSS annually going forward driven by price and traffic growth from remodels, daypart expansion (lunch and brunch), better operating performance (blocking and tackling) and significantly improved value and variety through product innovation, promotion and marketing." Bloomin' Brands closed at $14.40 on Friday.