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Fly News Breaks for February 8, 2019
BLMN
Feb 8, 2019 | 08:32 EDT
As previously reported, BofA Merrill Lynch analyst Gregory Francfort downgraded Bloomin' Brands to Underperform from Neutral as he cut his 2019 EBITDA and EPS estimates ahead of the company's earnings report, due next Thursday. Bloomin', like peers, has reinvested in its product over the past three years, which should support a positive sales gap compared to the industry, said Francfort. However, he believes the company's results and guidance could "materially disappoint" given ongoing cost headwinds facing the industry coupled with cost step-ups that are specific to the company. He set a $17 price target on Bloomin' Brands shares.
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