Yum! Brands (YUM) could outperform against its global peers amid emerging catalysts, Oppenheimer said in a Sunday note.
"We are becoming more attracted to stock's setup for 2025 as catalysts emerge for outperformance vs. global peers," said Oppenheimer analysts Brian Bittner and Michael Tamas.
The report said bears could be overlooking potential same-store sales upside in fiscal 2025 estimates. It also said that global net unit growth fears could be overdone, with model still benefiting from strong openings, despite near-term closures.
The note also pointed to "path to achieve 8%+ "core" EBIT growth in '25E despite expectations for a shortfall."
"Despite our sunnier fundamental view, valuation at <21x P/E is a sizable discount to peers," the analysts said. Oppenheimer kept its outperform rating on the stock with a $160 price target.
Price: 130.95, Change: +2.69, Percent Change: +2.09
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