UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Bloomin' Brands
In a report published Friday, Jefferies & Company reiterated its Buy rating on Bloomin' Brands (NASDAQ: BLMN), and slightly raised its price target from $17.50 to $18.00.
Jefferies noted, “Stock strong after EPS beat and raise. We came away from the CC with increased confidence in BLMN's ability to drive 3% SSS next year & offset 10-12% beef infl, despite the tough macro. The core brands are taking share, and we think a ramp toward MSD unit growth & near-20% EPS growth are rare in casual dining. Our ‘12/13 EPS tweaked for deal/interest expense & the beat to $0.97/$1.14 (fr.$0.90/1.10). PT $18 (fr. $17.50).”
Bloomin' Brands closed on Thursday at $13.73.
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