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Raymond James downgrades Bloomin’ on ‘underwhelming’ stake sale
The Fly

Raymond James downgrades Bloomin’ on ‘underwhelming’ stake sale

Raymond James downgraded Bloomin’ Brands (BLMN) to Market Perform from Outperform without a price target following the Q3 report. The firm sees lower near-term visibility and views the stake sale in Bloomin’s Brazil division as “underwhelming.” The proceeds came in below his expectations and while the stock’s “low valuation should provide some downside support,” Bloomin’s free cash flow is narrowing and its “high dividend payout may need to be revisited.”

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