TD Cowen says the Carrols Restaurant (TAST) acquisition amplifies the importance of Burger King U.S. to the Restaurant Brands (QSR) story and signals confidence in sustained momentum following 2023’s strong rebound. The firm likes the visibility the acquisition brings toward reimaging another 10% of Burger King U.S. restaurants over the next five years. It says Carrols helps Restaurant Brands deliver on improved Burger King positioning. TD keeps an Outperform rating on Restaurant Brands.
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