Redburn upgrades Yum! Brands to Buy on international footprint

Redburn Atlantic upgraded Yum! Brands (YUM) to Buy from Neutral with a price target of $177, up from $146. The firm says Yum “presents one of the most compelling setups” in its coverage. With an international footprint that continues to scale and Taco Bell delivering “outsized” profit and innovation, Yum “offers both defensive resilience and offensive optionality,” the analyst tells investors in a research note. Redburn believes the company’s digital acceleration, diversified formats and “strong” master franchise system further strengthen its growth algorithm. Yum’s valuation looks attractive relative to its fundamentals, the firm contends.

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