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Tim Horton parent company Restaurant Brands get upgrade from Deutsche Bank

Published 2020-01-21, 01:27 p/m
Updated 2020-01-21, 01:29 p/m
© Reuters.

© Reuters.

Brenda O’Farrell

Investing.com – Shares of Restaurant Brands International Inc (TSX:QSR) – the owners of the iconic Canadian coffee shop chain Tim Hortons – are on the rise today after getting an upgrade from Deutsche Bank (DE:DBKGn) analyst Brian Mullan.

The stock has been on a steady decline since August, when it hit a high of $104.68. It closed yesterday at $84.24, an almost 20% drop. Today, shares are trading up at $85.77 at 1 p.m., gaining 1.8% so far on the day.

Shares of the Toronto-based multi-national Restaurant Brand are set “to start working again,” Mullan reportedly stated, as he hiked his rating to a “buy” from a “hold.”

Deutsche Bank (DE:DBKGn) set a target price for the stock at US$71.

The stock (NYSE:QSR) is trading today on the New York Stock Exchange at US$65.58, up 2.26% on the day.

In a research note to investors, Mullan said he likes the entry point the stock is now offering and is positive about prospects for the coming 12 months.

Restaurant Brands also owns Burger King and Popeye’s in the U.S.

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