Bank of America Maintains Buy, $67 Target on Yum Brands

Bank of America reiterates its Buy rating and $67 price target on Yum Brands Inc.

as an investor meeting reinforces a strong 2012 outlook. BofA says, “We are modestly boosting EPS estimates to $2.85 (in line with revised guidance issued on Monday) from $2.84 for 2011 and to $3.24 from $3.22 for 2012. Our higher estimates reflect the net effect of relatively minor projection changes and remain premised on another strong same-store sales growth performance (estimated up 8%) for China, steady same-store sales and earnings growth for Yum Restaurants Int'l (

), and a rebound in the U.S. led by Taco Bell.” YUM closed at $58.01 per share on Wednesday.