BUZZ-Restaurants Brands International: Shares at more than 5-month high

Mon Apr 11, 2016 1:08pm EDT
 
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** RBC upgrades Ontario-based Restaurant Brands International to "outperform," citing US Burger King sales momentum, cost-cutting opportunities at Tim Hortons and reduced FX headwinds

** U.S.-listed shares up 3.6 pct; Rise as much as 5.5 pct, hit highest level since late Oct

** Analyst David Palmer doubles Q1 Burger King SSS growth estimate to 4 pct, says BK has weathered storm of competitive discounting with its own value platforms, adding that hot dogs contributed to growth

** Bumps PT to $48 (from $38), which implies 22 pct upside to stock's current levels

** Stock now up 35 pct from its Feb lows since co posted strong Q4 results, as new menu items propelled sales to more than $1 bln (RM: lance.tupper.tr.com@reuters.net)