UPDATE: Deutsche Bank Initiates Bloomin' Brands at Hold on Cost Headwinds

Deutsche Bank initiated its coverage on Bloomin' Brands

with a Hold rating and a price target of $16 a share. Deutsche Bank noted, "BLMN checks many of the boxes for a compelling turnaround story: tangible SSS drivers, an established cost-cutting program, accelerating unit growth, and positive free cash flow (leading to deleverage). However, we fear these business drivers may be overwhelmed by a challenging casual dining sales environment, rising beef costs and difficult compares in the near term." Bloomin' Brands closed at $15.05 on Monday.