UPDATE: BMO Capital Upgrades Bloomin' Brands (BLMN) to Outperform

November 16, 2020 3:38 AM EST
Get Alerts BLMN Hot Sheet
Price: $26.34 +3.01%

Rating Summary:
    15 Buy, 7 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 8 | New: 73
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(Updated - November 16, 2020 5:40 AM EST)

(updating comment)

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."

For an analyst ratings summary and ratings history on Bloomin' Brands click here. For more ratings news on Bloomin' Brands click here.

Shares of Bloomin' Brands closed at $15.94 yesterday.

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