After getting crushed 24% on Tuesday on disappointing results/outlook, Bloomin' Brands (NASDAQ: BLMN) is 1.8% higher in early trade Wednesday after analysts came out to defend the stock.

While cutting estimate and his price target to $24.00 (from $29.00), BofA/Merrill Lynch analyst Joseph Buckley reiterated a Buy rating and told clients to use the weakness as a opportunity to accumulate.

"Given today’s stock reaction, even with the significant estimate cut, shares are trading at the lowest multiple on both P/E and EV to EBITDA within our research universe," Buckley said.

The analyst cut 2014 and 2015 EPS estimates to $1.10 and $1.30 from $1.21 and $1.47, respectively.

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 $15.06 yesterday.