NEW YORK (TheStreet) -- Shares of Bloomin' Brands (BLMN) are up 0.86% to $23.52 after Barclays raised its price target to $25 from $24 and maintained its "overweight" rating of the casual dining restaurant company.
"We believe BLMN fundamental pillars are outsized over peers, with comp and unit growth among the tops in casual dining, while cost saves and pricing to mitigate margin pressure from elevated beef inflation," analysts said about the company, known for its portfolio of restaurant concepts including Outback Steakhouse and Carrabba's Italian Grill.
"On valuation, about 19x versus the 12 to 21x three-year range and about 17.5x average. And relative to peers, still a two to three turn discount, despite the recent outsized performance. While difficult to justify a return to their former premium, we similarly struggle with the magnitude of the discount," analysts noted.
The bank said it will review estimates post Analyst Day, set for December 16 in New York City.
Ahead of the event, Barclays analysts expect "the focus will be on sustaining comp outperformance as the industry improves and the strengths and weaknesses in international markets (Brazil and Korea, respectively)," analysts added.
Separately, TheStreet Ratings team rates BLOOMIN' BRANDS INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: