February 17, 2023

Read Why Raymond James Remains Bullish On Bloomin' Brands

Raymond James analyst Brian Vaccaro reiterated a Strong Buy rating on the shares of Bloomin’ Brands, Inc. (NASDAQ: BLMN) and raised the price target from $30 to $33.
The company’s 4Q22 adjusted EPS of $0.68 versus $0.60 was above the analyst’s $0.63 estimate, driven by slightly lower sales more than offset by higher store margins and in-line G&A.
Evidently, QTD traffic outperformance relative to the industry has continued into January, said the analyst.
The analyst added that the mixed 4Q results were more than offset by solid 2023 guidance and a big increase in the company’s dividend.
Also Read: Bloomin’ Brands Q4 Bottom-Line Exceeds Expectations; Hikes Dividend By 71%; Plans Stock Buyback
QTD trends have accelerated, supporting annual comparable sales guide of +2-4% with the commodity inflation less than feared, said the analyst.
A new equipment package supporting annual productivity savings of ~$50 million should support increased confidence in the company’s ability to sustain EBIT margins well above pre-COVID levels, remarked the analyst.
The analyst raises the 2023 EPS estimate by $0.23 to $2.96, reflecting an incremental benefit from Brazil tax relief ($0.25) partially offset by more conservative D&A assumptions.
Price Action: BLMN shares are trading higher by 1.95% at $27.44 on the last check Friday.
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Latest Ratings for BLMN

Date	Firm	Action	From	To
Feb 2022	Morgan Stanley	Maintains		Equal-Weight
Feb 2022	Deutsche Bank	Maintains		Buy
Feb 2022	BMO Capital	Maintains		Outperform

View More Analyst Ratings for BLMN

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This article Read Why Raymond James Remains Bullish On Bloomin’ Brands originally appeared on Benzinga.com

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