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. 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
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