Bloomin’ Brands price target raised to $29 from $27 at BMO Capital

BMO Capital raised the firm’s price target on Bloomin’ Brands to $29 from $27 but keeps a Market Perform rating on the shares. The company’s Q4 earnings beat was driven by stronger restaurant margin and favorable tax rate, the analyst tells investors in a research note. BMO adds however that the Bloomin’ Brands multiple could remain limited until there is greater evidence of traffic momentum, and the firm cannot rule out an “investment cycle” for the company if traffic improvements do not materialize.