Yum! Brands (YUM): Attraction To A Top Idea Grows After Analyst Day - Oppenheimer
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Oppenheimer analyst, Brian Bittner, reiterated his Outperform rating on shares of Yum! Brands (NYSE: YUM) after the company's analyst day.
The analyst believes the case to own YUM into the Nov. 1st split improved with better than expected financial targets. According to the analyst's financial model, New-YUM's financial target ($3.75 '19E EPS) drives a present value that implies the two parts are worth $108/sh today.
New-YUM revealed G&A cuts of $300M which elevated its franchise target to 98% (EPS accretive) and targets at least mid-teens shareholder returns. YUM-China examined its underappreciated growth and margin opportunity, targets mid-teens EPS growth and highlighted its strong cash positioning ($900M net cash).
No change to the price target of $97.
Shares of Yum! Brands closed at $88.25 yesterday.
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