BMO Capital analyst Andrew Strelzik upgraded Bloomin' Brands to Market Perform from Underperform and raised his price target for the shares to $19 from $17. Renewed potential for strategic changes at the company could "mute" the impact of industry fundamentals on Bloomin' shares, Strelzik tells investors in a research note. The analyst, who remains bearish on the casual dining space, believes the activist stake by Jana Partners increases the probability that Bloomin' Brands actively pursues strategic changes. Strelzik says he's long argued that strategic changes could unlock value for the company. Such changes include a sale of the company, a sale of one or more brands, and/or capital allocation across high returning projects, he notes.