Bloomin’ Brands price target raised to $9 from $6 at UBS

UBS raised the firm’s price target on Bloomin’ Brands (BLMN) to $9 from $6 and keeps a Neutral rating on the shares. Bloomin’ Brands reported a Q1 beat on same-store sales, revenue, and margins with strong early Outback turnaround metrics and raised Q2 guidance, but despite progress and an undemanding valuation, the outlook remains cautious as further evidence is needed that strategic initiatives will sustainably improve performance and shareholder value, the analyst tells investors in a research note.