Restaurant Brands price target lowered to $70 from $72 at Piper Sandler

Piper Sandler analyst Brian Mullan lowered the firm’s price target on Restaurant Brands (QSR) to $70 from $72 and keeps a Neutral rating on the shares after the company reported earnings. Overall, the quarter was about as expected, the firm notes. The main positives were that the Tim Hortons brand in Canada saw same-store sales of +3.6% in the quarter, which was an acceleration on both the 2-year and the versus 2019 stacks; and that Burger King International grew constant FX system sales by about 8%, with solid comparable sales.