Citi keeps Neutral rating on Bloomin’ Brands, trims target to $28

Citi analyst Jon Tower lowered the firm’s price target on Bloomin’ Brands to $28 from $29 and keeps a Neutral rating on the shares following quarterly results. Bloomin’ Brands has outpaced peers, driving profit dollars at the store level since the onset of COVID. However, the firm lacks visibility into how the company can build on that in its core business, and believes "the right to grow units" is a fair question. Citi’s 2023 estimates remain generally unchanged, but the stock’s valuation will likely remain capped until the persistently negative traffic at the core, the firm says in a research note on Friday.