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Bloomin' Brands Bears The Brunt Of Softer Spending Environment, Analyst Cautions On Traffic/Margin Tensions

  • Grand News Network
  • November 8, 2023

BMO Capital Markets analyst Andrew Strelzik reiterated the Market Perform rating on Bloomin' Brands, Inc. (NASDAQ: BLMN), lowering the price target to $24 from $25.

The company 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.

According to the analyst, valuation looks undemanding and margin management has been reliable. 

That said, the analyst highlights comp risk from the macro environment and ...

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