Story
Bloomin' Brands Stock Rises After JPMorgan Doubles Price Target
Summary
Shares of the Outback Steakhouse parent company gained after JPMorgan upgraded the stock and more than doubled its price target, citing growing confidence in the restaurant operator's turnaround efforts.
Shares of Bloomin' Brands (BLMN) climbed 2.7% in pre-market trading after JPMorgan upgraded the casual dining company, signaling increased Wall Street confidence in its ongoing turnaround strategy.
JPMorgan Lifts Rating
JPMorgan analysts raised their rating on Bloomin' Brands to Neutral from a previous Underweight. In a more significant move, the bank more than doubled its price target on the stock to $13.00 from $6.00.
The upgrade followed a meeting between JPMorgan's team and Bloomin' Brands' senior leadership, including CEO Mike Spanos and CFO Eric Christel, at an Outback Steakhouse location. According to the research note, the analysts were impressed with the brand experience, comparing it to the chain's "heyday" from two to three decades ago. JPMorgan also highlighted growth potential, noting Outback's current average unit volume of $4.1 million has room to catch up with stronger competitors.
Building on Recent Momentum
The analyst action follows a period of improving performance for the company. For the second quarter of 2026, Bloomin' Brands reported a solid earnings beat:
Ad- Adjusted Earnings Per Share: $0.39
- Analyst Consensus: $0.29
Following the strong quarterly results, which were based on revenue of $1.02 billion, the company raised its full-year EPS guidance. The positive report had already prompted other firms, including Morgan Stanley and Piper Sandler, to lift their price targets in August, according to Investing.com.
Market Context
The stock's advance occurred in an otherwise flat market, with the S&P 500 showing little change in pre-open activity. The combination of a high-conviction upgrade, a substantially higher price target rooted in firsthand diligence, and a recent track record of solid earnings gave investors a clear, company-specific reason to re-evaluate the stock.
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