J.P. Morgan upgrades Bloomin' Brands to 'neutral'; shares gain
BLMN•Bloomin' Brands shares gained 6.2% after J.P. Morgan raised its rating to “neutral” from “underweight” and increased its price target to $13 from $6.
1. Rating and target raised
J.P. Morgan said manager compensation is now “objective and consistent,” compared with too many situational exceptions previously. The brokerage also said casual dining is “in a good place” as consumers again seek in-person connected experiences. Its new $13 price target implies 64.3% upside to the stock’s last close.
