Yum! Brands Misses Q3 Sales As Analysts See Risk Of More Store Closures From Middle East Tensions
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Shares of Yum! Brands, Inc. (NYSE:YUM) tanked in early trading on Wednesday, after the company reported downbeat third-quarter earnings.
The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.
TD Cowen On Yum! Brands
Analyst Andrew Charles maintained a Hold rating and price target of $145.
Management said that Taco Bell momentum had continued into the fourth quarter, driven in part by Cheesy Street Chalupas, the relaunch of the Cheeze-It platform and the $7 Luxe Craving Box, Charles said in a note. He raised the segment’s same-store sales estimate for the quarter from 3% to 4%.
Yum! Brands guided to 4.5%-5% net restaurant development in 2024, versus consensus …
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