Restaurant Brands downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Andrew Charles downgraded Restaurant Brands (QSR) to Hold from Buy with an unchanged price target of $70. The firm views the shares as fairly valued following the recent bounce. Risks to the Restaurant Brands story include new Canadian consumer headwinds such as immigration reform and tariffs weighing on Tim Hortons’ track record, slowing share gains for Burger King amid a competitive resurgence, and a “prolonged stretch” to reach 5% portfolio development that TD models in 2027, the analyst tells investors in a research note.