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Fly News Breaks for January 9, 2020
Jan 9, 2020 | 07:07 EDT
SunTrust analyst Jake Bartlett says he views restaurants as well positioned into 2020, with a long-term trend of wallet share gains intact and his view that the promotional environment will remain in check. The analyst tells investors in a research note that he expects scale to be a particular advantage as digital and data driven marketing become more important and purchasing power helps offset inflationary pressures. The analyst, who says he expects restaurants to continue to gain wallet share in 2020, raised his price targets for Chipotle (CMG) to $940 from $900, for McDonald's (MCD) to $250 from $230 and for Restaurant Brands (QSR) to $81 from $84. He maintained a Buy rating on all three stocks.
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