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Fly News Breaks for January 17, 2020
Jan 17, 2020 | 07:32 EDT
As previously reported, Morgan Stanley analyst John Glass upgraded Yum! Brands to Overweight from Equal Weight with a price target of $118, up from $113. Pizza Hut U.S. only accounts for 8% of total profits and concerns about the business are largely reflected in the stock's current price after underperformance in 2019, Glass tells investors. Overall comp growth may have moderated in the third quarter, but it is still running at levels that are "more or less consistent" with global peers while the stock now trades at the lowest premium to peers since 2016 despite Yum having become a more efficient and faster growing business, Glass added.
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