BMO Capital analyst Peter Sklar upgraded Restaurant Brands to Outperform from Market Perform with a price target of $72, up from $63. The analyst noted that traffic trends have been flat to negative for most quick service restaurants due to tough 2021 comps and a hurting consumer wallet, but he expects traffic to turn positive in the near future as "COVID-recovery comps are lapped and as inflation finally eases." Sklar sees improving momentum in all three of Restaurant Brands’ major brands — Tim Hortons, BK, and Popeye’s.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on QSR:
- Restaurant Brands price target raised to $72 from $63 at Cowen
- Subway looks into sale that could value company at over $10B, WSJ says
- Oppenheimer downgrades Wendy’s, reveals top 2023 restaurant picks
- Restaurant Brands price target raised to $80 from $68 at Barclays
- Restaurant Brands announces plans to open dozens of Popeyes in Kazakhstan
