Goldman Sachs Upgrades Yum! Brands (YUM) to Neutral, Says Concerns Don't Materialized

Goldman Sachs upgraded Yum! Brands (NYSE: YUM) from Sell to Neutral with a price target of $66 (up form $53).

The firm said their concerns around a China deceleration and further US deterioration have not materialized. Actually, China has accelerated to a new high and the US appears poised for a rebound in 2012 driven by Taco Bell-related catalysts.

The firm raise 2012E-13E EPS to $3.34/$3.84 to reflect better fundamentals
than anticipated and introduce 2014E of $4.30.

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 $64.85 yesterday, with a 52 week range of $47.15-$65.79.

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