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Fly News Breaks for August 24, 2018
Aug 24, 2018 | 07:38 EDT
Oppenheimer analyst Brian Bittner views the recent 10% pullback in shares of Restaurant Brands as a buying opportunity. Investor fears that consensus estimates in 2019 and beyond need to revise lower "appear very overblown," Bittner tells investors in a research note titled "Deep-Dive Analysis; Buying This Pullback!" The analyst's work indicates that the rule change in revenue recognition drives no risk to free cash flow estimates and only 1%-2% to earnings expectations. Further, Bittner believes concerns over the tax rate and new unit average unit volume "appear either negligible or misplaced." The analyst thinks Restaurant Brands "looks extremely undervalued" and reiterates an Outperform rating on the name with a $75 price target.
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