Bloomin' Brands Analysts Slash Their Forecasts After Downbeat Earnings
Portfolio Pulse from Avi Kapoor
Bloomin' Brands, Inc. (NASDAQ:BLMN) reported disappointing Q2 results, missing both EPS and sales estimates. The company lowered its FY24 adjusted EPS outlook and expects a decline in U.S. comparable restaurant sales. Analysts from BMO Capital and UBS have subsequently lowered their price targets for the stock.
August 07, 2024 | 4:13 pm
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NEGATIVE IMPACT
Bloomin' Brands reported Q2 adjusted EPS of 51 cents, missing the consensus of 58 cents, and sales of $1.12 billion, slightly below the expected $1.13 billion. The company lowered its FY24 adjusted EPS outlook and expects a decline in U.S. comparable restaurant sales. Analysts from BMO Capital and UBS have reduced their price targets.
The missed earnings and sales estimates, along with the lowered FY24 outlook, indicate potential short-term downside for BLMN. The reduction in price targets by analysts further supports this negative outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100