Discussions held at Restaurant Brands International Inc's (NYSE:QSR) investor day event "has us feeling like the stock is ready to enter a period of outperformance," according to Piper Sandler.

The Restaurant Brands International Analyst: Analyst Brian Mullan upgraded the rating from Neutral to Overweight, while raising the price target from $71 to $84.

The Restaurant Brands International Thesis: The even marks the beginning of a "sustained new chapter" in the way the company is perceived by the investment community, Mullan said in the upgrade note.

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The analyst stated that Restaurant Brands International highlighted:

• Plans to return to 5.0% net unit growth by 2028, with management providing "specifics by brand and by geographies" that would lead to this target
• Aim of being a 99% franchised business by 2028, which involves the winding down of the Restaurant Holdings segment
• Annual capex to decline to $300 million in 2028, from an estimated $400 million in 2026 and 2027, resulting in more free cash flows
• Repurchasing $500 million of shares in 2026
• Plans to become an Investment Grade credit by 2028

QSR Price Action: Shares of Restaurant Brands International rose by 0.73% to $72.23 at the time of publication on Monday.

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