UPDATE: Yum! Brands (YUM) PT Raised to $141 at Morgan Stanley as Investors Revisit This "Asset Light Growth Compounder"
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(Updated - July 30, 2021 9:07 AM EDT)
Morgan Stanley analyst John Glass raised the price target on Yum! Brands (NYSE: YUM) to $141.00 (from $127.00) while maintaining a Overweight rating after the company reported strong and accelerating underlying sales trends combined with a reintroduced and more bullish unit growth target of 4-5% (vs 4% pre-pandemic).
The analyst believes this should re-engage shareholders on an overlooked, asset-lite growth compounder. He stated "Just a few quarters ago, with targets withdrawn due to Covid, the debate was when YUM could return to its historical 4% global unit growth, with visibility relatively low and thoughts of that happening perhaps in 2022. Now not only has YUM reinstated its guidance, but put in play the new growth guidance of 4-5% growth being realized even in 2021 (just a quarter ago targeting ~3% this year), and growing off that larger base in 2022 and beyond."
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