Restaurant Brands initiated with a Buy at Deutsche Bank

Deutsche Bank initiated coverage of Restaurant Brands with a Buy rating and $75 price target. The analyst believes chairman Patrick Doyle “provides a halo” as investors “effectively invest alongside the well-regarded restaurant executive who is meaningfully involved in the overall strategy.” The firm says the company has a favorable setup into 2024, with expectations for unit growth to return to 5% and same-store-stores to remain fairly strong as it focuses on higher quality sales drivers.