KFC owner Yum Brands' shares reverse course as long-term plans cheer investors
Updates
** Yum Brands shares YUM.N reverse course to rise 2.6% to $136.23
** Strength in YUM's Taco Bell chain in the U.S., efforts to expand KFC globally and incorporation of technology to cut costs cheer investors
** Taco Bell U.S. same-store sales rise 4%, while KFC international units grew 9% YoY in Q3
** Still, YUM reports surprise drop in Q3 worldwide sales of 2% on weakness in KFC U.S. and international sales
** CFRA Research lifts 12-month PT on YUM by $2 to $161/shr on future margin expansion opportunities
** "Despite weak consumer sentiment and geopolitical challenges, which we think are more transitory in nature, YUM is executing on its long-term growth plans," says Arun Sundaram, senior equity analyst at CFRA Research
** "Taco Bell (in the U.S.) is much more resilient than others in the QSR space. They've proven again that they are a fan favorite for Gen-Z. Expecting Taco Bell to continue to (perform) well in 2025," says Danilo Gargiulo, senior analyst at Bernstein
** Up to Monday's close, stock has risen 1.6% YTD
Reporting by Juveria Tabassum and Neil J Kanatt in Bengaluru
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