Bloomin' Brands (BLMN) Prints a High Quality Beat with Dividend Reinstated - Jefferies
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Jefferies analyst Andy Barish reiterated a Buy rating and $36.00 price target on Bloomin' Brands (NASDAQ: BLMN) after the company beat across all key metrics with SSS +14%, op margin 9.4% & EPS $0.80 firmly ahead of Street's 11%/8.7%/$0.73.
The analyst stated "we see dine-in gains continuing and its robust off-premise biz proving to be stickier than expected. We view TSR profile as attractive with the B/S in great shape, dividend reinstated & $99M remaining on share repurchase authorization. With the stock at <5x '23 EBITDA vs category avg of 7.2x and top-performing peers at 10-11x, we see plenty of room for more positive sentiment as cost environment eventually normalizes & BLMN's mkt share oppty becomes more obvious as capacity contracts in the category."
Shares of Bloomin' Brands closed at $21.99 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesJefferies & Co, Dividend
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