Bloomin’ Brands initiated with a Sell at Goldman Sachs

Goldman Sachs initiated coverage of Bloomin’ Brands (BLMN) with a Sell rating and $13 price target The firm believes the potential turnaround at the company’s core brand Outback will likely involve time and effort and is in early stages, “translating to a choppier and longer path to improvement in the next few years.” Bloomin’ faces pressure to simultaneously reinvest across its assets and brands at a time when others are increasing investments as well, the analyst tells investors in a research note.