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Fly News Breaks for February 7, 2020
YUM
Feb 7, 2020 | 06:25 EDT
BTIG analyst Peter Saleh downgraded Yum! Brands to Neutral from Buy after its Q4 earnings miss and FY20 guidance, saying the U.S. Pizza Hut sales were weak as the "widely publisized" struggles among franchisees contributed to a 4% decline in comps. The analyst also cites the impact of the corononavirus in China, where 30% of restaurants closed and the remaining are seeing sales declines of 40%-50%. Saleh adds that he has a "more modest" outlook for Yum! Brands growth in the coming year.
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