Restaurant Brands price target lowered to $83 from $89 at Truist

Truist lowered the firm’s price target on Restaurant Brands to $83 from $89 but keeps a Buy rating on the shares. The company’s near-term development is “disappointing”, but there is visibility on an acceleration in FY24, the analyst tells investors in a research note. Truist added that the flat BK U.S. traffic and outperformance since mid-August is a “strong indication” that the turnaround is working and just getting underway, supported by improved marketing / operations and eventually remodels.