A Morgan Stanley analyst, John Glass, disputed his position on Restaurant Brands International (NYSE: QSR) based on the announcement of the new executive chairman.
The company announced former Domino’s Pizza CEO Patrick Doyle as CEO chairman last week, with the company’s management citing the appointment as a key factor in “reduce growth.” Glass was so in agreement with this that Doyle entered the board, removed his previous sales, and moved to the Hold-equivalent.
“Doyle’s reputation among shareholders is perhaps unmatched in restaurant history, in our opinion. He led a 20-fold increase in DPZ’s stock price during his tenure (2010-18), making DPZ the best-performing restaurant in that period and in one of the top performers in the S&P 500,” Glass wrote. “In the near future, this resource will be seen more and more.”
a potential site that we believed had a lower interest rate than many of our peers. “
Along with the “Equal Weight” upgrade, Glass raised its price to $71 from the previous $56. The shares of the dining group rose 1.29% On Monday the market is open.
Read the company’s announcement about Doyle’s new role.