UPDATE: BofA Securities Upgrades Bloomin' Brands (BLMN) to Neutral

July 23, 2020 6:03 AM EDT
Get Alerts BLMN Hot Sheet
Price: $28.06 -0.95%

Rating Summary:
    15 Buy, 7 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 12 | Down: 7 | New: 31
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(Updated - July 23, 2020 7:17 AM EDT)

(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."

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 $10.67 yesterday.

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