UPDATE: Raymond James Upgrades Bloomin' Brands to Outperform, Names $29 PT as Updated Model is Published

In a report published Monday, Raymond James analyst Bryan C. Elliott upgraded the rating on Bloomin' Brands (NASDAQ: BLMN) from Market Perform to Outperform, and named a $29.00 price target.In the report, Raymond James noted, “We are raising our rating on BLMN to Outperform from Market Perform with a 12-month price target of $29. We are publishing an updated model to reflect 1) tighter assumptions regarding the recently announced Brazil JV acquisition and 2) removing the impact of the acquisition of T-Bird (56 unit franchisee in California) from our model after T-Bird revoked its put notice earlier this week. Our new 2014 EBITDA estimate of $520 million (removes ~$12 million related to T-Bird) is ~8% above the Street consensus, which does not appear to accurately reflect the EBITDA impact of the Brazil JV acquisition. Based on our Street high 2014 EBITDA estimate, BLMN currently trades at an in-line EV/EBITDA multiple; we believe the stock should trade at the upper end of its mature peer group valuation range (8.5-10.0x) to reflect the company's favorable sales (share gains should sustain) and margin outlook.”Bloomin' Brands closed on Friday at $25.45.