Oppenheimer would take advantage of Yum! pullback, upgrades to Outperform

As previously reported, Oppenheimer analyst Brian Bittner upgraded Yum! Brands to Outperform from Perform with a $154 price target. Yum shares are down 7% since the beginning of 2022, notes the analyst, who says the firm’s updated analysis “forces us to pounce on a fresh opportunity to own” the company’s high-quality unit growth, reliable earnings momentum, and “crown-jewel assets” like KFC International and Taco Bell U.S. Investor expectations appear low owing to near-term same-store sales worries, and the firm, which notes its FY24 and FY25E EPS estimates are now above consensus, would “take advantage,” the analyst tells investors.