Stifel analyst Chris O’Cull upgraded Restaurant Brands (QSR) to Buy from Hold with a price target of $90, up from $68, following the investor day. Stifel now has stronger conviction in the company’s ability to simplify the business model and achieve its long-term algorithm of 8% operating income growth. The firm expects Restaurant Brands’ “valuation gap” relative to peers to close over the next 12-18 months. Moreover, it believes Burger King U.S. is at an inflection point for improved sales performance.
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