Bloomin’ Brands downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Andrew Strelzik downgraded Bloomin’ Brands to Market Perform from Outperform with a price target of $26, down from $29. The stock’s risk/reward has become more balanced following the recent rally, the analyst tells investors in a research note. The firm recommends being opportunistic after the share strength, saying Bloomin’s traffic improvements likely are unsustainable. It also remains concerned about the broader consumer outlook and believes there is some risk to 2023 consensus margin estimates.