UPDATE: Yum! Brands (YUM) PT Lowered to $120 at Loop Capital

Loop Capital analyst Alton Stump lowered the price target on Yum! Brands (NYSE: YUM) to $120.00 (from $125.00) while maintaining a Hold rating.

The analyst comments "We are maintaining our HOLD rating on the shares of YUM. For 2Q22 comparable sales, we are still modeling 2% growth for KFC, a flat performance for Pizza Hut and 3% growth for Taco Bell. In order to mainly reflect higher operating cost assumptions, we are reducing our EPS estimates on YUM to $1.12 for 2Q22 (down $0.05), $4.79 for 2022 (down $0.11) and $5.50 for 2023 (down $0.03). We are maintaining our HOLD rating on YUM and are lowering our PT from $125 to $120 based on 19x revised 2022E EV/EBITDA."

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