Bloomin’ Brands Upgraded by JPMorgan Chase & Co. to “Overweight” (BLMN)
Bloomin’ Brands (NASDAQ:BLMN) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $26.00 target price on the stock, up from their previous target price of $25.00. JPMorgan Chase & Co.’s price objective would indicate a potential upside of 13.34% from the stock’s previous close.
The analysts wrote, “The company was represented by CEO Liz Smith, CFO David Deno, Chief Strategy/Market Intelligence Officer Roger Chacko, VP of IR Chris Meyer, as well as culinary leadership executing an impressive cross-brand product tasting,” the report noted. “The tone of the meeting was positive with Bloomin’ comp drivers, major margin initiatives, and now recently-consolidated Brazil JV business (with historical data released in an 8-K this past Friday) helping the company generate 17% average annual EPS growth in F14/F15 through an understandably cautious outlook on the domestic sales environment. In our revised model we now incorporate the company’s change from a calendar fiscal year to 52-53 week fiscal year, as well as the consolidation of the now 90%-owned Brazil JV. Since peaking near $27 on November 25, BLMN is down nearly 20% vs. the S&P up 2% and other casual diners in our coverage down an average 5%. Based on this multiple compression, matched with increased confidence in the margin expansion story for BLMN over the next 12 months, we are upgrading the stock from Neutral to Overweight.”
Bloomin’ Brands (NASDAQ:BLMN) traded up 3.65% during mid-day trading on Tuesday, hitting $22.74. The stock had a trading volume of 943,208 shares. Bloomin’ Brands has a 52 week low of $16.65 and a 52 week high of $27.27. The stock’s 50-day moving average is $23.80 and its 200-day moving average is $23.94. The company has a market cap of $2.816 billion and a price-to-earnings ratio of 16.65.
Bloomin’ Brands (NASDAQ:BLMN) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. The company had revenue of $967.56 million for the quarter, compared to the consensus estimate of $988.22 million. During the same quarter in the previous year, the company posted $0.08 earnings per share. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, analysts predict that Bloomin’ Brands will post $1.11 earnings per share for the current fiscal year.
In other Bloomin’ Brands news, major shareholder Robert Danker Basham sold 79,046 shares of the stock on the open market in a transaction dated Friday, January 17th. The shares were sold at an average price of $22.94, for a total transaction of $1,813,315.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Other equities research analysts have also recently issued reports about the stock. Analysts at Jefferies Group cut their EPS estimates on shares of Bloomin’ Brands in a research note on Monday. They now have a “buy” rating and a $27.00 price target on the stock. Analysts at Raymond James upgraded shares of Bloomin’ Brands from a “market perform” rating to an “outperform” rating in a research note to investors on Monday, November 25th. They now have a $29.00 price target on the stock. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Bloomin’ Brands presently has an average rating of “Buy” and a consensus target price of $26.60.
Bloomin’ Brands, Inc is a holding company. It is a casual dining restaurant company with a portfolio of restaurant concepts.
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