Here's Why Restaurant Brands Stock Was Up 10% Last Month
Shares of Restaurant Brands International (NYSE: QSR) were up 10.1% in August, according to data provided by S&P Global Market Intelligence. The entirety of the outperformance for the stock is attributable to positive financial results for the second quarter of 2022.
On Aug. 4, Restaurant Brands reported Q2 results, beating expectations on both the top and bottom lines. The company generated revenue of over $1.6 billion, up about 14% year over year. And it earned $346 million in net income -- down from the previous year but about $0.03 per share more than analyst estimates.
The analyst community responded positively to Q2 results from Restaurant Brands. For example, Baird analyst David Tarantino raised his price target for the stock by nearly 13% to $63 per share, according to The Fly. Tarantino specifically liked the strength of Restaurant Brands' Tim Hortons brand, which enjoyed Q2 same-store sales growth of 12.2%.
Source Fool.com
