Stock Track | Bloomin' Brands Plunges as Analysts Downgrade Stock on Weaker Outlook

Stock Track11-11

Shares of Bloomin' Brands Inc. (BLMN), the parent company of Outback Steakhouse and other restaurant chains, plummeted over 5% on Friday morning after analysts downgraded the stock and lowered their price targets, citing concerns about the company's weaker-than-expected outlook and underwhelming strategic initiatives.

Raymond James downgraded Bloomin' Brands to "Market Perform" from "Outperform," stating that the company's fourth-quarter guidance was worse than anticipated, and the proceeds and accretion from the sale and franchising of its Brazil segment fell short of expectations. The firm also noted that Bloomin' Brands has been lagging its steakhouse competitors in areas such as traffic and comparable sales, despite the broader softening trends in the restaurant industry.

Piper Sandler also lowered its price target on Bloomin' Brands to $16 from $20, while maintaining a "Neutral" rating on the stock. The firm's move came in response to the company's recent quarterly report, which raised concerns about its near-term visibility and competitiveness.

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