BLMN - Is Bloomin' Brands About to Shoot 40% Higher?
Bloomin' Brands (NASDAQ: BLMN), parent company of restaurant brands Outback Steakhouse and Carrabba's Italian Grill, among others, won two major analyst upgrades today and is up approximately 10% in morning trading. The bigger of the two upgrades, from Deutsche Bank, hikes the financial institution's price target for Bloomin' from $15 to $20 per share, while upgrading the stock's rating to buy from the previous hold.
According to Street Insider, Brian Muller of Deutsche Bank explained the upgrade in a research note, saying, "we believe that there is still ~40% upside over the next 12 to 18 months in a relatively conservative base case, and more than that in a bull case that appears to us to have a reasonable probability of occurring given some time and patience."
Image source: Bloomin' Brands.