As previously reported, Guggenheim upgraded Restaurant Brands (QSR) to Buy from Neutral with a price target of $71, down from $74. Restaurant Brands shares have slid 19% in the past year, while the S&P 500 rose 26%, notes the analyst, who thinks Chairman Patrick Doyle has been “making the right strategic improvements to the business and the stock is being valued as if it will not grow.” However, the firm also acknowledges challenges, including mortgage rate resets weighing on Canadians, competition for Burger King in the U.S. and “a need to reset China unit growth.”
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Read More on QSR:
- Restaurant Brands upgraded to Buy from Neutral at Guggenheim
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