CIBC World Raises Yum Brands Outlook

Glass says international activity continues to be bright spot for the fast-food operator and franchiser

CIBC World raised its estimates on Yum! Brands (YUM ). The global fast-food restaurant group posted 56 cents fourth quarter earnings per share, and sees at least 38 cents first quarter earnings per share, as well as $2.00 for 2003. Analyst John Glass says fourth quarter earnings per share beat his estimate by a penny, thanks to a lower-than-expected tax rate and a greater-than-expected share repurchase.

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