Restaurant Brands price target lowered to $80 from $81 at Scotiabank

Scotiabank lowered the firm’s price target on Restaurant Brands to $80 from $81 and keeps an Outperform rating on the shares. The positives in the quarter were impressive year over year gains in home market franchisee economics and traffic trends, but on the negative side, the quarter did see incremental pressure from Tim Hortons supply chain margins and Restaurant Brands did lower its 2024 net restaurant growth guidance to 4.5% from 5%+, due to softness in China, the analyst tells investors in a research note.