TD Cowen analyst Andrew Charles lowered the firm’s price target on Restaurant Brands (QSR) to $72 from $74 and keeps a Hold rating on the shares following Q4 results. The firm believes the key update for the upcoming investor meeting is the glide path back to 5% net restaurant growth and how it will be sustained. TD Cowen balances Burger King’s encouraging outperformance compared to the quick service burger category with what the firm believes to be the December SpongeBob collaboration driving the quarter.
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