KeyBanc analyst Eric Gonzalez lowered the firm’s price target on Restaurant Brands (QSR) to $78 from $80 and keeps an Overweight rating on the shares. The firm notes the company’s Q3 results broadly missed consensus forecasts as the company faced macro and competitive challenges during the period. With a Q3 shortfall vs. expectations, the company reduced its full-year outlook for systemwide sales to 5%-5.5% and unit growth to 3.5%. However, it continues to see 8%-plus adjusted operating income growth and reaffirmed its five-year outlook, including 8%-plus systemwide sales growth and 5% unit growth on average through 2028, KeyBanc adds.
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