Burger King parent company Restaurant Brands International is leading a successful brand turnaround, according to Loop Capital.
Following "another round of positive Burger King checks," the firm upgraded shares to buy from hold.
According to analyst Alton Stump, Burger King's same-store sales gained 8.5% to 9% quarter to date through late September, topping estimates of 7.7% growth.
While the wraps are a limited-time offering, he cited an anonymous Burger King franchisee contact who said there is a good possibility that it could become a permanent menu addition.
The company's new leadership has helped improve burger King's image over the last six to 12 months, said Stump.
Persons:
Burger, Alton Stump, Burger King's, Stump, Tim Hortons, — CNBC's Michael Bloom
Organizations:
Burger King, Restaurant Brands, Popeyes
Locations:
2Q23