Outback Owner Lagging Steakhouse Peers -- Market Talk

Dow Jones11-11

0743 ET - Outback Steakhouse owner Bloomin' Brands has been materially lagging its steakhouse competitors on traffic and comparable sales, even if its results have been broadly consistent with softening restaurant industry trends, Raymond James analyst Brian Vaccaro says in a research note. He's downgrading the stock to market perform, saying the company's 4Q guidance was worse than anticipated. It still isn't clear what changes need to be made to improve the chain's value or guest experience, the analyst says. Vaccaro is taking a "wait and see" approach to the stock until visibility improves. (dean.seal@wsj.com)

(END) Dow Jones Newswires

November 11, 2024 07:43 ET (12:43 GMT)

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