UPDATE: Argus Upgrades Restaurant Brands International (QSR) to Buy
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Argus analyst John Staszak upgraded Restaurant Brands International (NYSE: QSR) from Hold to Buy with a price target of $80.00.
The analyst comments "We are raising our rating on Restaurant Brands International Inc. (NYSE: QSR) to BUY from HOLD and setting a price target of $80. The company owns three major restaurant chains - Burger King, Tim Horton's, and Popeye's Louisiana Kitchen - and has more than 26,000 restaurants worldwide. We expect the company's emphasis on drive-through purchases to boost revenue going forward. We also look for continued strong growth in sales and unit volume at Popeye's, helped by its popular chicken sandwich. In addition, we have a positive view of QSR's master franchise joint venture agreements at Burger King, in which franchises are sold to the most successful and financially solid franchisees, and of the upgraded Burger King restaurants. Our new target price of $80, combined with the dividend, implies a total potential return of 19% from current levels."
Shares of Restaurant Brands International closed at $69.01 yesterday.
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