Initiated Buy X

QSR Restaurant Brands Int’l

Melius

$90

Resumed Sector Perform X

QSR Restaurant Brands Int’l

Scotiabank

$75

Upgrades Hold Buy X

QSR Restaurant Brands Int’l

Argus

Downgrades Buy Hold X

QSR Restaurant Brands Int’l

TD Cowen

$70

Downgrades Buy Hold X

QSR Restaurant Brands Int’l

Argus

Upgrades Neutral Buy X

QSR Restaurant Brands Int’l

Guggenheim

$74 $71

Reiterated Outperform X

QSR Restaurant Brands Int’l

Oppenheimer

$89 $86

Initiated Buy X

QSR Restaurant Brands Int’l

Goldman

$80

Upgrades Mkt Perform Outperform X

QSR Restaurant Brands Int’l

Bernstein

$85

Initiated Buy X

QSR Restaurant Brands Int’l

Deutsche Bank

$75

Upgrades Hold Buy X

QSR Restaurant Brands Int’l

Loop Capital

$77 $81

Upgrades Neutral Buy X

QSR Restaurant Brands Int’l

Northcoast

Initiated Overweight X

QSR Restaurant Brands Int’l

JP Morgan

$82

Reiterated Equal Weight X

QSR Restaurant Brands Int’l

Wells Fargo

$75 $76

Reiterated Equal-Weight X

QSR Restaurant Brands Int’l

Morgan Stanley

$74 $76

Resumed Neutral X

QSR Restaurant Brands Int’l

Piper Sandler

$79

Upgrades Mkt Perform Outperform X

QSR Restaurant Brands Int’l

TD Cowen

$72 $75

Resumed Sector Outperform X

QSR Restaurant Brands Int’l

Scotiabank

$72

Upgrades Sec Weight Overweight X

QSR Restaurant Brands Int’l

KeyBanc Capital Markets

$76

Reiterated Overweight X

QSR Restaurant Brands Int’l

Barclays

$80 $78

Reiterated Outperform X

QSR Restaurant Brands Int’l

Credit Suisse

$69 $74

Reiterated Equal-Weight X

QSR Restaurant Brands Int’l

Stephens

$61 $63

Reiterated Buy X

QSR Restaurant Brands Int’l

Truist

$71 $73

Initiated Equal Weight X

QSR Restaurant Brands Int’l

Wells Fargo

$70

Upgrades Mkt Perform Outperform X

QSR Restaurant Brands Int’l

BMO Capital Markets

$63 $72

Upgrades Underweight Eq-Weight X

QSR Restaurant Brands Int’l

Morgan Stanley

$56 $71

Upgrades Sell Neutral X

QSR Restaurant Brands Int’l

Goldman

$57 $64

Initiated Equal-Weight X

QSR Restaurant Brands Int’l

Stephens

$61

Initiated Mkt Perform X

QSR Restaurant Brands Int’l

Bernstein

$64

Upgrades Hold Buy X

QSR Restaurant Brands Int’l

Argus

$67

Downgrades Buy Hold X

QSR Restaurant Brands Int’l

Stifel

$68 $58

Downgrades Buy Neutral X

QSR Restaurant Brands Int’l

Citigroup

$71 $64

Downgrades Eq-Weight Underweight X

QSR Restaurant Brands Int’l

Morgan Stanley

$66 $60

Resumed Underperform X

QSR Restaurant Brands Int’l

BofA Securities

$64

Downgrades Overweight Neutral X

QSR Restaurant Brands Int’l

Piper Sandler

$70 $60

Upgrades In-line Outperform X

QSR Restaurant Brands Int’l

Evercore ISI

$72 $75

Downgrades Overweight Sec Weight X

QSR Restaurant Brands Int’l

KeyBanc Capital Markets

Downgrades Buy Hold X

QSR Restaurant Brands Int’l

Argus

Reiterated Overweight X

QSR Restaurant Brands Int’l

Barclays

$82 $74

Downgrades Outperform Mkt Perform X

QSR Restaurant Brands Int’l

BMO Capital Markets

$80 $63

Reiterated Outperform X

QSR Restaurant Brands Int’l

Credit Suisse

$76 $73

Reiterated Overweight X

QSR Restaurant Brands Int’l

KeyBanc Capital Markets

$77 $70

Reiterated Equal-Weight X

QSR Restaurant Brands Int’l

Morgan Stanley

$71 $66

Reiterated Outperform X

QSR Restaurant Brands Int’l

RBC Capital Mkts

$74 $71

Reiterated Neutral X

QSR Restaurant Brands Int’l

Robert W. Baird

$70 $64

Reiterated Equal-Weight X

QSR Restaurant Brands Int’l

Stephens

$74 $65

Reiterated Buy X

QSR Restaurant Brands Int’l

Truist

$80 $76

Reiterated Buy X

QSR Restaurant Brands Int’l

UBS

$80 $77

Initiated Hold X

QSR Restaurant Brands Int’l

Loop Capital

$65

Initiated Neutral X

QSR Restaurant Brands Int’l

Guggenheim

$67

Upgrades Hold Buy X

QSR Restaurant Brands Int’l

Argus

$80

Initiated Neutral X

QSR Restaurant Brands Int’l

Northcoast

Downgrades Outperform Mkt Perform X

QSR Restaurant Brands Int’l

Cowen

$63 $65

Downgrades Outperform Neutral X

QSR Restaurant Brands Int’l

Robert W. Baird

Initiated Sell X

QSR Restaurant Brands Int’l

Goldman

$60

Upgrades Eq-Weight Overweight X

QSR Restaurant Brands Int’l

Stephens

$55 $73

Initiated Buy X

QSR Restaurant Brands Int’l

Citigroup

$74

Initiated Neutral X

QSR Restaurant Brands Int’l

Goldman

$71

Reiterated Buy X

QSR Restaurant Brands Int’l

UBS

$74 $79

Initiated Outperform X

QSR Restaurant Brands Int’l

Credit Suisse

$78

Initiated Outperform X

QSR Restaurant Brands Int’l

Evercore ISI

Downgrades Neutral Underperform X

QSR Restaurant Brands Int’l

Longbow

$55

Initiated Hold X

QSR Restaurant Brands Int’l

Jefferies

$70

Initiated Outperform X

QSR Restaurant Brands Int’l

Bernstein

Downgrades Buy Neutral X

QSR Restaurant Brands Int’l

Mizuho

$68

Initiated Buy X

QSR Restaurant Brands Int’l

SunTrust

Reiterated Market Perform X

QSR Restaurant Brands Int’l

Wells Fargo

$63 $62

Initiated Overweight X

QSR Restaurant Brands Int’l

KeyBanc Capital Mkts

Upgrades Eq-Weight Overweight X

QSR Restaurant Brands Int’l

Morgan Stanley

QSR  Restaurant Brands International Inc.

Restaurant Brands International Inc. is a quick service restaurant (QSR) company. The Company had over 20,000 restaurants in more than 100 countries and the United States territories, as of December 31, 2016. It operates through two segments: Tim Hortons (TH) and Burger King (BK). Tim Hortons restaurants are quick service restaurants with a menu that includes blend coffee, tea, espresso-based hot and cold specialty drinks, baked goods, including donuts, Timbits, bagels, muffins, cookies and pastries, grilled paninis, classic sandwiches, wraps and soups, among others. Burger King restaurants are quick service restaurants that feature flame-grilled hamburgers, chicken and other specialty sandwiches, French fries, soft drinks and other food items. The Company operates coffee roasting facilities in Hamilton, Ontario and Rochester, New York. The Company sells its raw materials and supplies, including coffee, sugar, paper goods and other restaurant supplies to Tim Hortons restaurants.