Bloomin’ Brands price target lowered to $26 from $27 at BMO Capital

BMO Capital lowered the firm’s price target on Bloomin’ Brands to $26 from $27 and keeps a Market Perform rating on the shares as part of a broader research note on Restaurants and Traffic Trends. Category trends slowed in September before recovering modestly in early October, and there is growing evidence of consumer value sensitivity, the analyst tells investors in a research note. The firm is also increasingly concerned by Bloomin’ Brands’ traffic underperformance, also lowering its FY23 and FY24 EPS views on the name by 11c and 26c to $2.86 and $2.74 respectively.