UPDATE: BMO Capital Upgrades Bloomin' Brands (BLMN) to Outperform
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BMO Capital analyst Andrew Strelzik upgraded Bloomin' Brands (NASDAQ: BLMN) from Market Perform to Outperform with a price target of $22.00 (from $17.00).
The analyst comments "We upgrade BLMN to Outperform and raise our target price to $22, which implies ~40% upside. Our upgrade reflects our view that BLMN's post-pandemic EBITDA could reach ~$450 million before virtual brands based on a channel-level analysis across its business. We acknowledge the next several months could present challenges, but are more confident anchoring to post-COVID-19 assumptions following last week’s positive vaccine news and see favorable risk/reward for BLMN based on our updated work against a backdrop of more cautious investor sentiment. Our target implies a 6.5x EBITDA multiple."
Shares of Bloomin' Brands closed at $15.94 yesterday.
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