Piper Sandler analyst Brian Mullan lowered the price target on Restaurant Brands International (NYSE: QSR) to $75.00 (from $82.00) while maintaining a Neutral rating.

The analyst commented, "Earlier this week, QSR reported its 2Q24 results and hosted its call. Overall, the results were solid in that the Tim’s Canada momentum has continued; and also in the fact the adjusted operating income growth target of +8% was reaffirmed for this year, despite sales growth that is going to come in below. Separately, there were a few items to pick at, each of which likely will be a source of investor questions coming out of the call. For one, QSR cut its FY2024e expected unit growth pace to +4.0% (from +4.5% prior), which might
lead one to question whether next year is likely to hit 5.0%, especially considering where things currently stand in China. In addition, while Burger King U.S. is currently outpacing certain peers on a one-year basis; comps are relatively modest in the absolute sense, and
it is not obvious that next year will be robust either."