Bloomin' Brands Analysts Cut Their Forecasts After Q3 Results

Bloomin' Brands Inc BLMN reported mixed results for its third quarter on Friday.

Bloomin' Brands reported third-quarter FY23 sales growth of 2.3% year-on-year to $1.079 billion, missing the analyst consensus estimate of $1.085 billion. Adjusted EPS of $0.44 beat the analyst consensus of $0.41.

Bloomin' Brands cut FY23 U.S. comparable restaurant sales from 2% - 4% to 1.5% - 2%. It cut FY23 adjusted EPS guidance from $2.91 - $3.00 to $2.80 - $2.90 versus the estimate of $2.93.

Bloomin' Brands shares fell 2.1% to trade at $23.15 on Monday.

These analysts made changes to their price targets on Bloomin' Brands following earnings announcement.

• Raymond James cut the price target on Bloomin' Brands from $29 to $28. Raymond James analyst Brian Vaccaro downgraded the stock from Strong Buy to Outperform.
• Barclays slashed the price target on Bloomin' Brands from $28 to $27. Barclays analyst Jeffrey Bernstein maintained an Overweight rating.
• Piper Sandler lowered the price target on Bloomin' Brands from $30 to $26. Piper Sandler analyst Brian Mullan maintained a Neutral rating.

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