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Restaurant Brands International Inc
Symbol QSR
Shares Issued 323,700,500
Close 2024-10-16 C$ 99.17
Market Cap C$ 32,101,378,585
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Globe says Restaurant Brands maintained at "neutral"

2024-10-17 08:17 ET - In the News

The Globe and Mail reports in its Thursday, Oct. 17, edition that Citi analyst Jon Tower has reaffirmed his "neutral" recommendation for Restaurant Brands International. The Globe's David Leeder writes that Mr. Tower gave his share target a $2 boost to $77 (all figures U.S.). Analysts on average target the shares at $84.15. Restaurant Brands posts its quarterly results on Nov. 5. Mr. Tower is concerned unit growth challenges "may persist" for the parent of Tim Hortons and Burger King. Mr. Tower says in a note: "We expect momentum at Tims and a commitment to manage to 8-per-cent [sales growth] offers a buffer to annual earnings/EBITDA estimates, and potential weakness at BK U.S. (we are flat vs the Street at up 0.4 per cent) won't come as a meaningful surprise. However, we have concerns that the tone around unit growth into 2025 is tempered (e.g., 5 per cent may be at risk). Even with valuation below long-term averages, unit growth concerns likely remain an overhang on shares." For the quarter, Mr. Tower continues to project earnings per share of 99 cents, which exceeds the average on the Street by four cents. He also reaffirmed his full-year projection of $3.47, which also tops the consensus by four cents.

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