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Goldman Sachs Starts Bloomin' Brands (BLMN) at Buy, Sees 18% Upside

September 17, 2012 7:26 AM EDT Send to a Friend
Get Alerts BLMN Hot Sheet
Price: $20.20 --0%

Rating Summary:
    15 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Goldman Sachs initiates coverage on Bloomin' Brands (NASDAQ: BLMN) with a Buy rating and $17 price target, suggesting 18% upside.

The firm comments, "(1) We see BLMN as a being at the "fountain of youth" phase of its life cycle with Outback International, Bonefish Grill, and Carrabba’s driving a renewed leg of growth. (2) BLMN’s brands are strong and have outperformed the industry with 4% SSS over the past 10 quarters vs. 1% for the industry. (3) Margins have expanded by 400 bp since their 2008 trough and we expect additional gains over the next 12-24 months. (4) FCF generation is strong and may lead to future dividend or repurchase announcements. (5) Shares are inexpensive relative to peers."

For an analyst ratings summary and ratings history on Bloomin' Brands click here. For more ratings news on Bloomin' Brands click here.

Shares of Bloomin' Brands closed at $14.40 yesterday.




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