UPDATE: Stifel Reiterates Buy Rating, Lowers PT on Yum! Brands on Attractive Value, Bad China Comp Trends

In a report published Wednesday, Stifel analyst Paul Westra reiterated a Buy rating on

, but lowered the price target from $105.00 to $95.00. In the report, Stifel noted, “Despite very bad news of September China comp trends of -11% (vs. consensus' -6%E; our -3%E), we nevertheless believe that Buy-rated YUM shares represent an attractive value on this morning's expected sub-$68 opening price given our unchanged view that YUM's YRI/US divisions alone are worth at least $44/sh (or at least a BKW 2014E P/E of about 21X). If so, this morning's implied price for YUM's China/India divisions is less than $24/sh – or at a 2014E P/E of about 15X our new ‘further depressed' 2014E EPS contribution of $1.55 (or at about the average P/E for a US company-owned casual-dining company (BLMN/DRI).” Yum! Brands closed on Tuesday at $71.67.