Bernstein upgrades Restaurant Brands, says ‘reclaiming its magic’

Bernstein upgraded Restaurant Brands to Outperform from Market Perform with an $85 price target. The analyst says Restaurant Brands is “reclaiming its magic” following a turnaround that began in 2022. With the momentum built up since the beginning of the year, the company has a clearer path toward longer term value creation, the analyst tells investors in a research note. The firm believes investors have been neutral on the shares due to fears about waning consumer spending.