Restaurant Brands International (QSR) PT Raised to $60 at SunTrust

SunTrust analyst Jake Bartlett raised the price target on Restaurant Brands International (NYSE: QSR) to $60.00 (from $57.00) while maintaining a Buy rating.

The analyst commented, "QSR's SSS have steadily improved since late March, similar to industry trends (with US BK neg. teens, TH Canada neg. high 30's and Popeyes ~+30% in the last few weeks). Recent SSS at BK US trail MCD's (-15%), when factoring in temporary store closures (5%), but we are encouraged by the improving trend. At current sales levels, QSR believes its franchisees are in a "healthy and stable position". Additionally, with ~$3.0B of cash on hand, QSR is in a very strong liquidity position (the announced 2Q20 dividend implies a 4.3% current yield). Increasing '20 and '21 ests. and PT to $60."

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