UPDATE: Bank of America Raises PO on Bloomin' Brands as 'Outback Is Well-Positioned'

In a report published on Wednesday, Bank of America analyst Joseph T. Buckley raised the price objective on Bloomin' Brands (NASDAQ: BLMN) from $25 to $29 and maintained a Buy rating on the company.

In the report, Bank of America commented that, "Outback has performed well driven by stronger brand positioning, benefits for remodels and daypart expansion. Outback continues to benefit from an expanding lunch program with Saturday lunch rolled out in the second half of 2012. Weekday lunch was available in 25% of the chain at YE 2012 and is expected to be in 34% of the Outback restaurants by YE 2013 and eventually in 50%-60% of the chain. In addition, BLMN has identified 100 potential Outback relocation opportunities in a multi-year program. Five relocations were done in 2012 with sales lifts of about 40% aided by new sites that support an every day lunch business. BLMN plans 10-20 relocations this year and eventually may relocate about 100 restaurants."

Bloomin' Brands closed Tuesday at $25.30.