Goldman Sachs Raises Price Target on Yum! Brands (YUM) as PR Issues Fade

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Goldman Sachs today maintained a Neutral rating on Yum! Brands (NYSE: YUM) and raised its price target to $65.00 (from $63.00). Yesterday Yum! Brands reported China comps. Adjusted for the New year shift, same-store-sales declined 13 percent in February compared to a decline of 22 percent in January. In the view of analysts, the improvement signals the worst is behind Yum! Brand's in China.

"The improvement in underlying trend suggests that the acute phase of YUM's recent chicken PR issue is finally behind it. The focus now is on the length of time before trends return to positive; until that time the P&L is under a significant amount of stress from China fixed cost de-leverage," said analyst Michael Kelter.

For an analyst ratings summary and ratings history on Yum! Brands click here. For more ratings news on Yum! Brands click here.

Shares of Yum! Brands closed at $67.84 yesterday, with a 52 week range of $59.68-$74.75.

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