UPDATE: Morgan Stanley Cuts PT to $72 on Yum! Brands Ahead of Q4
Morgan Stanley reiterated its Overweight rating on Yum! Brands (NYSE: YUM) and lowered the price target from $77.00 to $72.00.
Morgan Stanley noted, "Depth and duration of sales declines in China and YUM's counteractions will likely be the entire focus of the 4Q call. Indications we've seen suggests the problem may have intensified due to the drumbeat of news stories. Lowering 1Q China SSS to -10%; cutting year to $3.58."
Yum! Brands closed at 64.63 on Friday.
Latest Ratings for YUM
|Sep 2016||Morgan Stanley||Maintains||Equal-weight|
|Sep 2016||Credit Suisse||Maintains||Neutral|
|Sep 2016||RBC Capital||Downgrades||Top Pick||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.