Restaurant Brands price target raised to $80 from $77 at Oppenheimer

Oppenheimer analyst Brian Bittner raised the firm’s price target on Restaurant Brands (QSR) to $80 from $77 and keeps an Outperform rating on the shares. The firm believes Restaurant Brands’ setup is most improved in its coverage. The firm identifies same-store sales upside against consensus moving forward, and says Street earnings forecasts now tilt conservative with underlying EBIT forecasts below guidance. Oppenheimer believes unit growth risks are now in rear-view, and relative valuation at a 30% discount to peers is attractive with path to improve with better visibility on China restructuring, accelerating unit growth, and successful Carrol’s refranchising.