Nomura Securities Raises Price Target on Yum! Brands (YUM) Following 2Q Release
Nomura Securities reiterated a Buy rating on Yum! Brands (NYSE: YUM), and raised the price target to $96.00 (from $95.00), following the company's 2Q earnings report. YUM reported EPS of $0.75, $0.01 above the $0.74 consensus. Management also commented that "we remain on track to finalize the separation of our China business with a targeted completion date around October 31, 2016."
Analyst Mark Kalinowski commented, "After Wednesday's market close, YUM! Brands (YUM US; Buy) -- the parent company of KFC, Pizza Hut, and Taco Bell -- reported adjusted Q2 EPS of $0.75, matching our $0.75 forecast, and coming in $0.01 above the $0.74 Consensus Metrix figure. The company raised its full-year 2016 "core operating profit growth" target to "at least 14%" (from "at least 12%t"), news being welcomed by the Street -- the stock is up by nearly 4% in aftermarket trading as of this writing. We reiterate our Buy rating on YUM, which remains our top large-cap restaurant stock pick."
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Shares of Yum! Brands closed at $85.74 yesterday.