Restaurant Brands price target raised to $63 from $60 at SunTrust » 09:1906/3006/30/20
SunTrust analyst Jake…
SunTrust analyst Jake Bartlett raised the firm's price target on Restaurant Brands to $63 from $60 and keeps a Buy rating on the shares after its sales trends update released yesterday. The analyst says the strong recovery from negative mid-40's comps in mid-March for the company's Tim Horton's segment is "encouraging", considering the continued pressure on the company's breakfast business. Bartlett adds that consumer perceptions should benefit from Restaurant Brands' food quality initiative, lifting its sales over the longer term.
Restaurant Brands says 90% of Tim Hortons locations open in Canada » 09:1606/3006/30/20
In a press release…
In a press release yesterday, the company states: "We have previously disclosed the significant drop in sales starting in mid-March that coincided with self-isolation and the closure of dining rooms across North America. Our teams responded quickly to continue to serve guests and recapture lost business through improvements to our home delivery channels, mobile order and pay and drive-thru experience. Driving rapid digital innovation has been essential to our recovery path as a company. Our teams have rewritten code for our apps; reimagined service opportunities like curbside pickup; and expanded delivery services into thousands of new restaurants. The outcome has been a significant increase in digital sales in North America and we believe this trend shift to digital is what guests will continue to demand... In our home market as of last week, nearly all Burger King restaurants are open and comparable sales are now trending approximately flat to last year compared to the negative mid-30s in mid-March. This is driven by strong performance in drive-thru given most of our dining rooms throughout North America remain closed or offer reduced seating. Tim Hortons is 90% open in Canada, with most of the remaining restaurants located in malls, food courts, sporting complexes and other public facilities that currently remain closed. Tim Hortons has shown sequential comparable sales improvements every week from the negative mid-40s in mid-March to the negative high teens as of last week. And Popeyes continues to demonstrate incredibly strong comparable sales momentum in the U.S. with sales growth remaining in the very high 20s last week, even as we begin to lap the strongest period of 2019 prior to the national launch of the Chicken Sandwich. Nearly all Popeyes restaurants in our home market are open for takeout and delivery."
|Over a week ago|
UBS restaurant/retail analyst to hold an analyst/industry conference call » 09:2806/0506/05/20
Restaurants & Food…
Restaurants & Food Retail Analyst Geiger provides insights from a Restaurant Brands International (QSR) franchisee across several categories on an Analyst/Industry conference call to be held on June 5 at 10 am.
|Over a month ago|
Popeyes' China debut most successful new entry in company history, Forbes says » 15:2405/2105/21/20
Restaurant Brands' Popeyes officially made its debut in China on May 15, and turnout was more successful that some would expect considering the global COVID-19 pandemic, Forbes' Alicia Kelso reports. As evidence by social media posts, demand for the brand in the Asian country is high, Kelso says, noting that that Restaurant Brands management has made it clear they want to duplicate the brand's success internationally. Though the company won't disclose specific sales figures, Popeyes reported its most successful week for a new market entry in the fast food company's history, the author notes. Reference Link
Restaurant Brands initiated with a Buy at Standpoint Research » 15:4705/1805/18/20
Standpoint Research analyst Ronnie Moas initiated coverage of Restaurant Brands with a Buy rating.
Fly Intel: Top five analyst upgrades » 10:0705/1505/15/20
NOC, LH, YUM, QSR, AMAT, WIX
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Northrop Grumman (NOC) upgraded to Outperform from Market Perform at Cowen with analyst Cai von Rumohr saying the company is "ideally positioned" for the Department of Defense's National Defense Strategy. 2. LabCorp (LH) upgraded to Buy from Neutral at Mizuho with analyst Ann Hynes saying LabCorp is one of the few companies that can say it is part of the COVID-19 solution. 3. Yum! Brands (YUM) and Restaurant Brands (QSR) were upgraded to Buy from Hold at Stifel. 4. Applied Materials (AMAT) upgraded to Buy from Neutral at B. Riley FBR with analyst Craig Ellis saying last night's fiscal Q2 results were below estimates as feared semiconductor supply issues surfaced, but Q3's color suggests upside while a Q4 quarter-over-quarter growth view provides solid near-term growth visibility. 5. Wix.com (WIX) upgraded to Outperform from Market Perform at Raymond James with analyst Aaron Kessler citing a significant acceleration since April for its website presence solutions. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Restaurant Brands, Yum Brands upgraded to Buy at Stifel » 20:5805/1405/14/20
Stifel analyst Chris…
Stifel analyst Chris O'Cull upgraded Restaurant Brands (QSR) and Yum! Brands (YUM) to Buy as part of a broader research note on Restaurants, stating the rating changes reflect his "increased appetite" in fast food names offering a durable business model and improving consolidated operating performance potential. The analyst is citing his survey of "heavy sit-down restaurant users", with about 67% expressing concerns about returning to a sit-down restaurant because of the lack of social distancing and cleanliness. O'Cull believes that Restaurant Brands and Yum! Brands stand to benefit as all of their brands rely heavily on either drive-thrus or delivery service.
Restaurant Brands upgraded to Buy from Hold at Stifel » 20:5205/1405/14/20
Stifel analyst Chris…
Stifel analyst Chris O'Cull upgraded Restaurant Brands to Buy from Hold with a price target of $62, up from $53.
Restaurant Brands CEO issues letter to shareholders about reopening restaurants » 06:4205/1205/12/20
The company said it is…
The company said it is working very hard to continue to build customer confidence in the measures the company is taking to keep customers safe in its restaurants.The company has acrylic shields and contactless service at most restaurants. Restaurant Brands is maintaining a safe distance rule in its dining rooms, whether communities require it or not. The company has designed tabletop signage to indicate which tables are open and which ones are reserved to help maintain safe distances. Additionally, the company will be sanitizing tables and chairs after each use and will have hand sanitizer available in the dining room for guests. Restaurant Brands turned off self-serve soda fountains and are offering beverages, extra condiments and trays from the behind the front counter.
Restaurant Brands downgraded to Hold from Buy at Argus » 07:2205/0805/08/20
Argus analyst John…
Argus analyst John Staszak downgraded Restaurant Brands to Hold from Buy. The analyst notes that restaurant closures and stay-at-home restrictions due to COVID-19 are pressuring the company and believes that investors will need to see evidence of improvement in comps at its Tim Horton's chain. Staszak adds that Restaurant Brands' 2020 comparisons will be challenged by the launch of new menu items at Popeye's and Burger King in 2019.