Restaurant Brands Upgraded to Buy After Recent Checks

Loop Capital analysts upgraded Restaurant Brands International (NYSE:QSR) to a Buy rating from Hold and set a price target of $81.00 for the stock in response to the results from checks, which exceeded expectations.

According to Loop Capital's recent assessments of Burger King, same-store sales have been trending upward, experiencing a growth rate of approximately 8.5-9.0% from the beginning of the quarter through late September. This growth surpasses the Street estimate of a 7.7% increase for the third quarter. When viewed over a two-year period, this 8.5-9.0% growth equates to a substantial gain of 12.5-13.0%. This represents a significant improvement compared to Burger King's reported two-year domestic growth of 8.7% in the second quarter of 2023.