Intraday Briefing 7/24/20

Intraday Briefing 7/24/20


Those that decided to panic sell sub $11 today got fleeced. We were on the conference call this morning with the CEO and COO. The company reported many locations beating last year's numbers. The only trouble area is California due to delayed reopening of restaurants. Other trouble areas like Florida and Texas, even with the spike in Covid cases, were even with last year's numbers or beat them. Barring another national shutdown, which in our opinion has a <1% chance of occurring, the stock should reach the $20+ level into October. As the conference call data is digested, expect money to pour into BLMN and hit our August targets of $15-18. We still expect a rally to $13-$15 into late July. The company has cut costs and is operating at a highly efficient level which should help the EPS. The Aussie Grill was not discussed which leads us to believe there is news coming shortly in a separate press release. Bottom line, sales were even or up at the majority of their locations compared to last year's numbers despite Covid. This data validates our emphasis on America’s love to eat. Especially with many large group gathering events being avoided, people are going to dine out in place of other lost activities. This was great news today. A close over the 50 DMA at $11.02 would put our next target in play of $15.50 200 DMA possibly as soon as August 3rd. We are currently up on some of the largest volume we have seen in a month, a very good sign. Some institutional buyers are taking notice and seeing the risk reward and medium and long term value in BLMN.


Many members have been asking about metals the past few days. In addition to the usual briefing, we'll include a special metals report Sunday night.


Have a great weekend.


HFZ



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