Jefferies Reiterates Hold on Yum! Brands (YUM) Following 3Q Report
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Jefferies reiterated a Hold rating and $85.00 price target on Yum! Brands (NYSE: YUM) following the company's 3Q earnings report. YUM reported EPS of $1.09, slightly below the $1.10 consensus estimate. TB and KFC put up good results with 3% sss/9% oper profit growth and +4% sss and 11% oper profit growth, respectively.
Analyst Andy Barish commented, "EPS of $1.09 missed slightly on softer China sss but better US results from TB/ KFC & margins. We believe the stock is fairly valued given continued volatility in China results & new YUM! already levered to 5x with over $5b of buyback this year. Analyst meeting next week to provide more details, but we believe our current combined company ests & 14x+ valuation on new YUM and 10x on YUM China reflect full value. We remain at Hold with $85 PT."
Shares of Yum! Brands closed at $87.44 yesterday.
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