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BLMN

Bloomin' Brands

$19.17

-0.11 (-0.57%)

08:32
02/08/19
02/08
08:32
02/08/19
08:32

Bloomin' Brands downgraded to Underperform ahead of earnings at BofA/Merrill

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.

BLMN Bloomin' Brands
$19.17

-0.11 (-0.57%)

12/19/18
12/19/18
UPGRADE
Target $19

Equal Weight
Bloomin' Brands upgraded to Equal Weight on valuation at Morgan Stanley
As previously reported, Morgan Stanley analyst John Glass upgraded Bloomin' Brands to Equal Weight from Underweight citing valuation after the stock has declined 14% year-to-date, compared to a 12% advance for its casual dining peer group. The underperformance has come as the company's sales have shown real evidence of improvement, noted Glass, who points out that core Outback comp sales have been positive for the past seven quarters. He estimates Outback comps to be up the 2%+ range for FY19, added Glass, who maintains a $19 price target on Bloomin' shares.
01/08/19
JPMS
01/08/19
UPGRADE
Target $23
JPMS
Overweight
Bloomin' Brands upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst John Ivankoe upgraded Bloomin' Brands to Overweight with an unchanged price target of $23. Despite sustained traffic outperformance relative to peers, Bloomin' shares have remained below $20, Ivankoe tells investors in a research note. The analyst believes "now is the right time to take risk to pursue returns in casual dining."
01/23/19
01/23/19
NO CHANGE

Four Corners Property Trust acquires Outback Steakhouse restaurant for $3.9M
Four Corners Property Trust (FCPT) acquired an Outback Steakhouse restaurant in New Mexico for $3.9M. The property was acquired through a sale-leaseback transaction and will operate under a new triple-net lease with Cerca Trova, the largest domestic franchisee in the Bloomin' Brands (BLMN) system. The lease has 20 years of initial term and rent increases of 10% every five years during the initial term. The capitalization rate is consistent with past transactions.
02/08/19
BOFA
02/08/19
DOWNGRADE
BOFA
Underperform
Bloomin' Brands downgraded to Underperform from Neutral at BofA/Merrill

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