As previously reported, BofA analyst Sara Senatore downgraded Bloomin’ Brands (BLMN) to Underperform from Neutral with a price target of $13, down from $18, as the firm sees new management being “appropriately focused on positive traffic,” but sees limited near-term upside given the “reinvestment reset.” Bloomin’s transaction growth has declined about 2% annually on average over the past 10 years and its struggles have allowed chain competitors to expand their market share leads, notes the analyst, who adds that new management’s focus is “rightly trained on reversing those traffic declines.”
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