Restaurant Brands International (QSR) PT Lowered to $71 at Cowen; Named Best Idea for 2019

Cowen analyst Andrew Charles lowered the price target on Restaurant Brands International (NYSE: QSR) to $71.00 (from $74.00) while maintaining an Outperform rating and named it a Best Idea for 2019.

Charles commented, "Relative to consensus, we model upside to 2019 Tim's Canada comps (2% vs 1.6%) and RBI global net restaurant growth (+6.1% vs +5.75%). Shares have thrice bottomed at a ~3.5% dividend yield in 2018, and we can envision a 10% dividend raise in 2019 to effectively raise the floor to $57. Should Tim's sales recovery fail to materialize, we highlight our break-up math that implies a $69/share value."

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