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.
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Read More on BLMN:
- Analysts Turn on Bloomin’ Brands (NASDAQ:BLMN) amid Soft Guidance
- Bloomin’ Brands price target lowered to $25 from $26 at Citi
- Bloomin’ Brands (NASDAQ:BLMN) Drops After Q3 U.S. Comparable Sales Disappoint
- Bloomin’ Brands sees Q4 adjusted EPS 64c-74c, consensus 78c
- Bloomin’ Brands cuts FY23 adjusted EPS view to $2.80-$2.90 from $2.91-$3.00
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