Better Yum! Brands (YUM) China Numbers Already Priced In - Jefferies

Jefferies reiterated a Hold rating and $67 price target on Yum! Brands (NYSE: YUM) Wednesday following improved China same-store sales, saying the better results are alrady baked into the cake.

Analyst Andy Barish comments, "May China SSS -19%, in line with Street, with KFC -25% & PH +12%. Sales improved vs. April’s -29% decline, and are in line with guidance for slowly improving trends through the quarter. Reports of avian flu cases have significantly tapered in recent weeks and we think SSS should turn positive by 4Q, but this has now been priced into the stock multiple times and we maintain our Hold with YUM trading at ~19x our ’14 EPS."

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 $71.76 yesterday.

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