Morgan Stanley Upgrades Restaurant Brands International (QSR) to Equalweight
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Morgan Stanley analyst John Glass upgraded Restaurant Brands International (NYSE: QSR) from Underweight to Equalweight with a price target of $71.00 (from $56.00).
The analyst comments "We are upgrading the shares of QSR to EW, PT to $71; the appointment of Patrick Doyle, former CEO of DPZ, as executive chairman is the catalyst. This past Wednesday, QSR announced that, effective immediately, Patrick Doyle, former CEO of DPZ, would become executive chairman of the company. Doyle's reputation among shareholders is perhaps unrivaled in recent restaurant history, in our view. He presided over a more than 20-fold increase in DPZ's share price during his tenure (2010-18), making DPZ not only the best performing restaurant stock during that period but one of the best performers in the S&P 500. In addition to his role as executive chairman, Doyle will be a substantial investor in RBI, initially making a ~$30M investment in the shares; more importantly, he has been granted a generous equity compensation package, with a combination of options, RSUs, and performance-based grants worth a multiple of that if certain stock performance thresholds are met."
Shares of Restaurant Brands International closed at $66.74 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
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