Mar. 2 at 8:22 PM
Stifel upgraded Restaurant Brands International to Buy from Hold and set a
$90 price target, citing improved earnings visibility as the company simplifies operations and targets 8%+ annual adjusted operating income growth.
Management plans to transition to a 99% franchised model by 2028, phasing out the Restaurant Holdings segment by 2027 and refranchising most company-owned U.S. Burger King stores, reducing units from about 1,000 to roughly 300. The company also sold Burger King China to private equity firm CPE, which committed
$350 million to expand to 2,500 locations over five years.
Stifel said Burger King U.S. is at an inflection point, highlighting the rollout of BK Assist, an AI-powered headset tool now in 500 restaurants and expected to reach 7,000 U.S. units by end-2026. Test locations have generated
$3,000–
$8,000 in incremental EBITDA per store.
$QSR