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Bloomin’ Brands Inc. (NASDAQ:BLMN), the company behind popular restaurant chains such as Outback Steakhouse and Carrabba’s Italian Grill, has seen its stock price tumble to a 52-week low of $11.03 USD. According to InvestingPro data, the company maintains a notable 8.3% dividend yield, though it operates with significant debt levels and weak gross profit margins of 16%. This latest price level reflects a significant downturn for the company, which has experienced a staggering 1-year change with a decline of -57.61%. Investors and analysts are closely monitoring Bloomin’ Brands as it navigates through a tough economic landscape that has impacted the restaurant industry at large, with hopes for a strategic turnaround that could rejuvenate its market position and financial performance. InvestingPro analysis indicates the stock is currently undervalued, with analysts setting price targets between $13 and $18, suggesting potential upside. For deeper insights, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, covering this and 1,400+ other US stocks.
In other recent news, Bloomin’ Brands has made notable changes to its board and received varied assessments from financial analysts. The company expanded its Board of Directors from ten to eleven members by appointing James Dinkins, current CEO of The Honey Baked Ham Company LLC. Dinkins, with his vast experience in brand strategy and product innovation, is expected to provide valuable insights into the foodservice industry for Bloomin’ Brands.
On the financial front, BofA Securities downgraded Bloomin’ Brands stock from Neutral to Underperform, citing concerns over the company’s long-term transaction growth. The firm also reduced the price target to $13.00, reflecting declining customer traffic at Outback, Bloomin’ Brands’ largest brand. Similarly, Goldman Sachs initiated coverage on Bloomin’ Brands with a Sell rating, expressing caution regarding the company’s near-term prospects, particularly challenges faced by Outback Steakhouse.
Conversely, Piper Sandler maintained a Neutral rating with a $16.00 price target on Bloomin’ Brands’ shares. The firm noted significant developments for the company, including the appointment of a new CEO and a Brazil re-franchising transaction. However, the firm is awaiting more details on the Outback U.S. brand strategy to be revealed in the upcoming fourth-quarter 2024 earnings call. These recent developments highlight the ongoing efforts of Bloomin’ Brands to navigate the competitive landscape of the casual dining sector.
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