Bloomin’ Brands downgraded to Outperform from Strong Buy at Raymond James

Raymond James downgraded Bloomin’ Brands to Outperform from Strong Buy with a price target of $28, down from $29. The analyst continues to see value in the shares and potential catalysts from activist Starboard, but says this is offset by Outback Steakhouse’s continued traffic underperformance. Outback’s underperformance, coupled with elevated beef inflation, is likely to put pressure on Bloomin”s margins and earnings going into 2024, the analyst tells investors in a research note.