UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Bloomin' Brands on 2013 Outlook

In a report published Monday, Jefferies reiterated its Buy rating on Bloomin' Brands

, and raised its price target from $18.00 to $20.00. Jefferies noted, “Stock down after in line '13 EPS guide (reduced SSS but lower tax), but we are encouraged given BLMN's visibility on positive traffic in '13, and ability to drive margin expansion despite inflation. We had been the high on the Street and tweaked our model to better reflect the current environment, but still see upside to guidance given strong internal drivers. Our ‘13/14 EPS to $1.08/1.27 (fr $1.14/1.34). PT $20 (fr. 18).” Bloomin' Brands closed on Friday at $17.12.