Restaurant Brands International Inc (NYSE:QSR) reported weaker-than-expected third-quarter sales on Friday.
Restaurant Brands reported third-quarter FY23 sales growth of 6.4% year-on-year to $1.837 billion, missing the analyst consensus estimate of $1.874 billion. Adjusted EPS of $0.90 beat the consensus estimate of $0.86.
Restaurant Brands’ Board of Directors declared a dividend of $0.55 per common share, payable on January 4, 2024, to shareholders of record on December 21, 2023.
Restaurant Brands shares fell 2.4% to trade at $66.20 on Monday.
These analysts made changes to their price targets on Restaurant Brands following earnings announcement.
- Keybanc cut the price target on Restaurant Brands from $85 to $82. Keybanc analyst Eric Gonzalez maintained an Overweight rating.
- Truist Securities slashed the price target on Restaurant Brands from $89 to $83. Truist Securities analyst Jake Bartlett maintained a Buy rating.
- RBC Capital, meanwhile, raised the price target on Restaurant Brands from $86 to $87. RBC Capital analyst Christopher Carril maintained an Outperform rating.
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