CIBC lowered the firm’s price target on Restaurant Brands (QSR) to $87 from $88 and keeps an Outperformer rating on the shares. The analyst is “relatively neutral” on the company’s acquisition of Carrols Restaurant (TAST). The decision to acquire Carrols should accelerate renovations and provide a reasonable return, but a fully modernized Burger King footprint is still likely five years away and the stock now “becomes a slightly noisier story,” the analyst tells investors in a research note.
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Read More on QSR:
- M & A News: Restaurant Brands (TSE:QSR) to Acquire Carrols for $1B
- Restaurant Brands deal signals confidence in BK turnaround, says TD Cowen
- Restaurant Brands price target raised to $85 from $75 at Morgan Stanley
- Restaurant Brands to acquire Carrols Restaurant for $9.55 per share in cash
- Burger King® Company to Acquire Carrols Restaurant Group