Bloomin’ Brands price target lowered to $10 from $13 at JPMorgan

JPMorgan analyst John Ivankoe lowered the firm’s price target on Bloomin’ Brands (BLMN) to $10 from $13 and keeps a Neutral rating on the shares. The shift of the formerly owned Brazil business to a royalty paying capital light model, plus a reduction in new unit capex and “ample liquidity,” should keep this brand and company as “a long-term survivor,” but it does not diminish the near-term challenges ahead of doing a hard reset, the analyst tells investors.