08:55 AM EDT, 05/20/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price to C$120 from C$110, 24.9x our 2024 EPS, above QSR's 5-year average forward P/E of 22.1x, reflecting better revenue and earnings growth prospects. We raise our 2024 EPS to US$3.49 (converted to C$4.82 using current spot rates) from US$3.41 and 2025's to US$3.93 (C$5.42) from US$3.79. QSR posted Q1 adj-EPS of US$0.73, in line with consensus. Revenue of US$1,739M (+9.4% Y/Y) was US$38M above consensus. Adj-EBITDA grew 6.6% Y/Y to US$627M vs. US$619 consensus, with margin contracting to 36.1%. Comp sales rose 4.6% Y/Y, with net restaurant growth up 3.9% Y/Y. In our view, despite industry headwinds, QSR's results along with its planned initiatives offered much to appreciate. In 2024, we're positive on new menu items for the PM daypart at Tim Horton's, kitchen conversions at Popeyes, development incentives at Firehouse, and higher ad-spend at BK U.S. Moreover, we think QSR's target of fully modernizing BK U.S. restaurants on relatively flat net leverage through 2028 is attainable.