Bloomin’ Brands price target raised to $29 from $25 at Citi

Citi raised the firm’s price target on Bloomin’ Brands to $29 from $25 and keeps a Neutral rating on the shares ahead of the Q4 report. The analyst expects activist involvement, a 4% dividend yield, and a proven capacity to manage costs aggressively to provide a valuation backstop for shares. However, additional commentary on 2024 is likely to be more negative than positive and the Street will greet likely second-half weighted sales guidance with a fair degree of skepticism, the analyst tells investors in a research note.