Bloomin’ Brands price target lowered to $6 from $7 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Bloomin’ Brands (BLMN) to $6 from $7 and keeps a Neutral rating on the shares. Bloomin’ detailed Outback turnaround plan is showing early traction, including 90 basis points of traffic growth in Q4, supported by initiatives to improve steak quality, implement a 1 server to 4 table ratio in Q2, and refresh nearly the entire restaurant base by 2028, the analyst tells investors in a research note. However, given commodity and labor inflation, increased investment, and the multi-year execution timeline, the strategy remains in its early stages, Goldman says.