UPDATE: Credit Suisse Raises PT to $70 on Yum! Brands on Improved China Trends
Credit Suisse maintained Yum! Brands (NYSE: YUM) with an Outperform rating and raised the price target from $67.00 to $70.00.
Credit Suisse analyst Keith Siegner wrote, "Adjusted for the New Year's calendar shift, comps improved from (~25%) in Jan to (~15%) in February. While still negative, we find two things encouraging: (1) an apparent bottom in January, and (2) a material improvement despite YUM not launching a marketing campaign to respond to the food safety incident until near the end of the month. Both of these suggest that things do not need to get worse before they get better and remove some of the downside risk."
Yum! Brands closed at $68.78 on Tuesday.
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