2024-02-23 14:40:57 ET
Summary
- Bloomin' Brands, Inc., parent company of Outback Steakhouse and other restaurants, is being upgraded to a buy with shares expected to climb to the low $30s.
- Revenues rose in Q4 2023, but comparable sales were mixed, with some brands experiencing a decline.
- Margins expanded at the restaurant level, but adjusted operating margin was down. Earnings per share were up 10.3% from a year ago.
- 2024 should be a transformational year for Bloomin' Brands, with activity involvement and strategic closings and relocations along with a simpler menu.
As many of our followers and investing group members know, we follow a number of restaurant stocks. For the most part, we have been expecting a bit of a slowdown in the space, as consumer credit is being stretched, inflation is pounding consumers, and finally it seems restaurant goers are balking at the price increases being experienced. With the price of food, however, it is becoming very expensive to make good meals at home, too....
Read the full article on Seeking Alpha
For further details see:
Upgrading Bloomin' Brands, Transformational Year Ahead