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Bloomin' Brands Analysts Cut Their Forecasts After Q3 Results

Published 06/11/2023, 17:43
Updated 06/11/2023, 19:11
© Reuters.  Bloomin' Brands Analysts Cut Their Forecasts After Q3 Results
BLMN
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Benzinga - by Lisa Levin, Benzinga Editor.

Bloomin' Brands Inc (NASDAQ: 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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Latest Ratings for BLMN

DateFirmActionFromTo
Feb 2022Morgan StanleyMaintainsEqual-Weight
Feb 2022Deutsche BankMaintainsBuy
Feb 2022BMO CapitalMaintainsOutperform
View More Analyst Ratings for BLMN

View the Latest Analyst Ratings

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

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