RBC Capital Expects Continued Outperformance by Restaurant Brands (QSR) Despite FX Headwinds - PT to $38
RBC Capital reiterated a Sector Perform rating on Restaurant Brands International (NYSE: QSR), and raised the price target to $38.00 (from $36.00), following the company's 4Q. While FX headwinds are likely to persist this year, RBC expects continued outperformance by Tim Hortons in Canada, slightly positive trends at BK US & Canada, and more robust international growth for BK in 2016.
Analyst David Palmer commented, "We are raising price target and EPS estimates based on sales momentum and ongoing cost control. While the lion's share of G&A savings may be in the past, we believe supply-chain efficiencies could provide another source of EPS upside in the near future."
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Shares of Restaurant Brands International closed at $33.82 yesterday.