Bloomin’ Brands price target raised to $26 from $24 at BofA

BofA analyst Sara Senatore raised the firm’s price target on Bloomin’ Brands to $26 from $24 and keeps a Neutral rating on the shares. The firm lowered its Q4 blended U.S. same-store sales growth estimate to 0.6% from 2.1%, owing to slower traffic, and rolled forward its valuation to be based on its 12 month forward estimates. The firm believes the multiple for Bloomin’ is unlikely to expand in the near term given slower topline growth and a lack of visibility into the demand environment.