Restaurant Brands price target lowered to $85 from $88 at BMO Capital

BMO Capital lowered the firm’s price target on Restaurant Brands to $85 from $88 but keeps an Outperform rating on the shares. The company’s Q3 earnings topped estimates but comps growth fell below expectations, driven by Burger King, the analyst tells investors in a research note. BMO adds however that lower-quality results notwithstanding, the firm remains constructive on Restaurant Brands as momentum behind initiatives remains in place across the portfolio, unit growth is poised to accelerate in 2024, and shares trade at an attractive multiple of 15-times expected forward EBITDA.