UPDATE: Loop Capital Starts Yum! Brands (YUM) at Hold

Loop Capital analyst Alton Stump initiates coverage on Yum! Brands (NYSE: YUM) with a Hold rating, PT $120.00.

The analyst comments "We are initiating coverage of YUM with a HOLD rating and $120 PT. Our price target of $120 is based on 18x our 2022 EV/EBITDA estimate. We are modeling EPS for YUM of $1.04 for 3Q21 ($0.05 below consensus), $4.50 for 2021 ($0.02 below consensus) and $4.90 for 2022 ($0.07 below consensus). For YUM’s KFC comps, we are modeling 9% growth for 3Q21, 7% growth for 4Q21, 14% growth for 2021 and 4% growth for 2022. For Pizza Hut, we are modeling same-store sales growth of 3% for 3Q21, 1% for 4Q21, 7% for 2021 and 2% for 2022, while for Taco Bell we are forecasting comp growth of 7% for 3Q21, 8% for 4Q21, 11% for 2021 and 3% for 2022."

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 $123.04 yesterday.

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