UPDATE: BofA Securities Upgrades Bloomin' Brands (BLMN) to Neutral
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(updated to add analyst comments)
BofA Securities analyst Gregory Francfort upgraded Bloomin' Brands (NASDAQ: BLMN) from Underperform to Neutral with a price target of $13.
The analyst commented, "For most casual dining brands (including BLMN), we struggle with balancing 2021 earnings downside (amidst consumer health headwinds) vs our expectations for outsized EBITDA growth in 2022 and beyond as sales and margins continue to recover that should support a multiple premium. We generally assume a 92-94% AUV recovery in 2021 vs 2019 by brand, 2-4% below consensus. We also assume 26% revenue flow-through to EBITDA over 2019 to 2021, vs an 18% assumption by the Street. BLMN is set to report 2Q earnings tomorrow before the open."
Shares of Bloomin' Brands closed at $10.67 yesterday.
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