Jefferies Cuts Price target on Yum! Brands (YUM) to $71 Following 3Q
Jefferies maintained a Hold rating on Yum! Brands (NYSE: YUM), and cut the price target to $71.00 (from $80.00), following the company's 3Q reports. 3Q CC provided color on China's SSS and profitability outlook. Jefferies continues to see challenges on returning China to its historical financial & growth profile.
Analyst Andy Barish commented, "3Q CC provided color on China's SSS and profitability outlook, but also indicated that visibility for the division's turnaround is becoming increasingly difficult as marketing/promotional efforts are failing to yield results on increasing competition and macro weakness. We continue to see challenges on returning China to its historical financial & growth profile. Our PT goes to $71 (fr. $80) & our 15E/16E EPS goes to $3.18/$3.40 (fr $3.46/$3.94). Maintain Hold."
For an analyst ratings summary and ratings history on Yum! Brands click here. For more ratings news on Yum! Brands click here.
Shares of Yum! Brands closed at $67.71 yesterday.