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 ReadBloomin’ 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.

  • Photo Via Company

Latest Ratings for BLMN






Feb 2022

Morgan Stanley



Feb 2022

Deutsche Bank



Feb 2022

BMO Capital



View More Analyst Ratings for BLMN

View the Latest Analyst Ratings

Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

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


© 2023 Benzinga does not provide investment advice. All rights reserved.