BMO Capital lowered the firm’s price target on Yum! Brands to $133 from $136 and keeps a Market Perform rating on the shares. The company’s broadly softer comps and higher tax rate more than offset stronger restaurant margins and lower G&A, driving a Q4 earnings miss, the analyst tells investors in a research note. BMO adds however that it holds a favorable long-term view of Yum!’s growth prospects and expects combination of above algo unit growth and G&A management to support growth in 2024.
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Read More on YUM:
- Yum! Brands price target raised to $166 from $164 at Citi
- Yum! Brands price target raised to $144 from $138 at TD Cowen
- Yum! Brands sees FY24 tax rate 21%-23%
- Yum! Brands reports Q4 adjusted EPS $1.26, consensus $1.40
- Notable companies reporting before tomorrow’s open
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