Alibaba initiation, Square downgrade among today's top calls on Wall Street » 10:1007/0907/09/20
BABA, SQ, STZ, STZ.B, WING, TXRH, CAKE, BLMN, DRI
Check out today's top…
Bloomin' Brands initiated with a Neutral at Credit Suisse » 06:2007/0907/09/20
Credit Suisse analyst…
Credit Suisse analyst Lauren Silberman initiated coverage of Bloomin' Brands with a Neutral rating and $12 price target. Despite "reasonably resilient" same-store-sales at Outback and Carrabba's throughout the pandemic, sentiment on the shares will likely remain more cautious given the company's high leverage, exposure to Brazil and slower expected recovery at its upscale brands, Silberman tells investors in a research note.
|Over a week ago|
FedEx, Square upgrades among today's top calls on Wall Street » 10:1707/0107/01/20
FDX, SQ, SHOP, TXRH, EAT, DRI, CAKE, BLMN, INO
Check out today's top…
Bloomin' Brands downgraded to Hold as reopenings pause at Gordon Haskett » 06:5107/0107/01/20
As previously reported,…
As previously reported, Gordon Haskett analyst Jeff Farmer downgraded Bloomin' Brands to Hold from Buy with a price target of $12, down from $14. Restaurant sales and foot traffic data indicated that a recovery in same-store sales reversed in key casual dining states in the week ended June 28, noted Farmer, who sees the national recovery potentially poised to follow a similar path in July given the growing list of states either pausing their reopening phases or reversing reopening decisions.
Bloomin' Brands downgraded to Hold from Buy at Gordon Haskett » 06:3307/0107/01/20
Gordon Haskett analyst…
Gordon Haskett analyst Jeff Farmer downgraded Bloomin' Brands to Hold from Buy with a price target of $12, down from $14.
Bloomin' Brands price target raised to $15 from $13 at JPMorgan » 07:4506/2406/24/20
JPMorgan analyst John…
JPMorgan analyst John Ivankoe raised the firm's price target on Bloomin' Brands to $15 from $13 and keeps a Neutral rating on the shares. Following late-quarter update calls with companies, the analyst rolled over price targets from December 2020 to December 2021.
Jefferies bullish on Bloomin' Brands, sees significant upside when dust settles » 15:3206/1106/11/20
Jefferies analyst Andy…
Jefferies analyst Andy Barish has a Buy rating and a $16 price target on Bloomin' Brands. The analyst notes that sales trends through May and into June are accelerating as dining rooms open. While he acknowledges that investors are facing plenty of uncertainty right now, Barish would use volatility to build positions in Bloomin' Brands, where he sees significant upside as sector emerges from the current crisis.
Bloomin' Brands reports weekly U.S. comparable restaurant sales update » 08:1706/1106/11/20
Reports week ended May 10…
Reports week ended May 10 comparable restaurant sales down 42.2%. Reports week ended May 17 comparable restaurant sales down 39.1%. Reports week ended May 24 comparable restaurant sales down 34.7%. Reports week ended May 31 comparable restaurant sales down 29.5%. Reports week ended June 6 comparable restaurant sales down 28.3%.
Bloomin' Brands provides business update related to COVID-19 » 08:1206/1106/11/20
Bloomin' Brands announced a business update related to COVID-19 as well as recent sales results and details on cash utilization and liquidity. CEO David Deno said, "The priorities for Bloomin' Brands remain unchanged as we navigate these challenging times. We are focused on taking care of our people and serving food in a safe environment that protects both our Team Members and customers. Since the onset of the pandemic, we have been nimble in adapting our business. This included a pivot to an off-premises model as dining rooms were forced to close. We were able to triple our off-premises sales per restaurant while our dining rooms were closed. Starting in early May states began the process of partially re-opening their economies. Our decision to not furlough any employees during this pandemic has allowed us to quickly prepare our restaurants for the reopening of dining rooms in a safe and efficient manner. As of June 7, 2020, over 760 company-operated U.S. restaurants (approximately 74% of U.S. restaurants) have reopened with limited in-restaurant dining capacity in accordance with local mandates. At Outback Steakhouse, we had 373 restaurants open for dine-in service at limited capacity during the full week ended June 7, 2020. Comparable restaurant sales at these locations were down 13.6% from the prior year. We are encouraged by these sales trends as we begin to reopen our dining rooms. By the end of the month, we expect to have substantially all our domestic restaurant dining rooms opened with limited seating capacity. We continue to adhere to the strongest of safety measures as we open dining rooms. These measures include additional sanitation and disinfecting practices, enhanced hand-washing protocols, use of gloves and facial protection for our employees, and we are also providing contactless payment options for our customers. In addition, each dining room seating configuration has been modified to adhere to social distancing and reduced capacity standards, and we are leveraging our table management notification system to allow guests to wait in their cars for their table. We are tightly managing our cash usage and the recent convertible note transaction has further enhanced our liquidity position. We believe we are well positioned to build upon our recent success and emerge a stronger company as we navigate the ongoing crisis. As of this morning, our total liquidity position was $493 million, which includes approximately $128 million of cash and $365 million of capacity on our revolving credit facility. This liquidity position includes the $202 million net proceeds from the recent convertible note offering. Our liquidity position over the last several weeks has improved due to increased sales performance, working capital inflows, and earned tax credits for employee relief pay related to the CARES Act."
|Over a month ago|
Fly Intel: Top five analyst upgrades » 10:0905/2905/29/20
BLMN, DPZ, PZZA, PII, BHP, FOXF
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bloomin' Brands (BLMN) upgraded to Buy from Hold at Jefferies with analyst Andy Barish citing early data from casual dining companies that have reported sales trends since reopening certain restaurants. 2. Domino's Pizza (DPZ) and Papa John's (PZZA) were upgraded to Buy from Neutral at Northcoast. 3. Polaris (PII) Industries upgraded to Outperform from Neutral at Wedbush with analyst James Hardiman saying the powersports names in general, and Polaris in particular, could prove to be "great" ways to play the reopening of states. 4. BHP Group (BHP) upgraded to Buy from Neutral at BofA with analyst Jason Fairclough saying iron ore prices will stay higher for longer due to stimulus in China and the restarting of industrial activity. 5. Fox Factory (FOXF) upgraded to Buy from Neutral at BofA with analyst Rafe Jadrosich saying the demand in the company's key end markets - including mountain bikes, off-road vehicles, and power-sports - should benefit from a spending shift away from traditional entertainment to "solitary leisure experiences." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.