Restaurant Brands price target lowered to $90 from $95 at RBC Capital

RBC Capital analyst Christopher Carril lowered the firm’s price target on Restaurant Brands (QSR) to $90 from $95 but keeps an Outperform rating on the shares. The company reported a mixed quarter, with the business seeing an acceleration in October as consolidated comps track in the low-single-digits, the analyst tells investors in a research note. Q3 missed expectations on comps across the board, contributing to a 2.5% revenue miss, but Restaurant Brands continues to demonstrate their ability to manage expenses in a challenging macro, which could give investors confidence in some level of earnings support next year, the firm added.