UPDATE: Deutsche Bank Raises PT on Bloomin' Brands Following Investor Meetings

In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Bloomin' Brands BLMN, and raised the price target from $21.00 to $24.50.

In the report, Deutsche Bank noted, “Key takeaways post investor meetings with BLMN. The tone was upbeat as BLMN continues to execute the game plan put forth around the IPO last Aug. BLMN remains on track with key strategic initiatives which offer a unique combo of sales (lunch, remodels, relos, marketing, analytics) and cost (labor scheduling, food waste mgmt., supply chain) opportunities. That said, given the decidedly positive sentiment in our mtgs. and with the stock and valuation near post-IPO peaks, investors are clearly on board with the story. Plus, BLMN noted that the industry sales environment remains choppy and a zero-sum battle for share. Given this set-up, we'd prefer to wait for a better entry point relative to our (new) $24.50 PT.”

Bloomin' Brands closed on Wednesday at $25.21.