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.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BLMN:
- Bloomin’ Brands price target lowered to $16 from $20 at Piper Sandler
- Bloomin’ Brands price target lowered to $19 from $20 at Barclays
- Bloomin’ Brands downgraded to Market Perform from Outperform at Raymond James
- Bloomin’ Brands price target lowered to $19 from $20 at Morgan Stanley
- Bloomin’ Brands Reports Q3 2024 Financial Results