UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Bloomin' Brands as 4Q EPS Matches Estimate

In a report published Monday, Bank of America reiterated its Buy rating on Bloomin' Brands

, and raised its price target from $19.00 to $22.00. Bank of America noted, “Bloomin' Brands reported adjusted 4Q EPS of $0.20, in line with our estimate and a penny above consensus. Same-store sales at Outback and Fleming's were strong and in line with our estimates (+5.3% and +4%, respectively), while sales at Carrabba's and Bonefish were softer than anticipated (-0.4% and +1% vs. our +3% and +5% estimates, respectively), for blended comps of +3.5%, trailing our +4.5% estimate. Restaurants margins declined 20 bps, to 15.4%, as lower labor costs only partially offset higher food and operating costs.” Bloomin' Brands closed on Friday at $17.15.