UPDATE: Deutsche Bank Upgrades Bloomin' Brands (BLMN) to Buy

(Updated - August 2, 2021 7:23 AM EDT)

Deutsche Bank analyst Brian Mullen upgraded Bloomin' Brands (NASDAQ: BLMN) from Hold to Buy with a price target of $34.00.

The analyst commented, "Hold to Buy. To lead with the negatives first (just to get them out of the way), we note that BLMN: 1) is a Casual Diner, which has become a "dirty word(s)" of late, which in a practical sense just means investor appetite to support the shares on any given day isn't always robust, and "feels" like it is declining in real time, 2) very well might see decelerating SSS versus 2019, relative to the abnormally robust trends that were experienced in July (as normal seasonality appears to be not taking place across the industry, for now), 3) very well may see RLM and adjusted operating margin trends step backwards versus what we just saw in 2Q and will likely see in 3Q, in a "normalized" year of 2022e, and 4) as a result of numbers two and three, very well may see Adjusted EBITDA $'s down year-over-year in 2022e, relative to 2021e."

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 $25.13 yesterday.

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