Why Restaurant Brands International is higher because of Justin Bieber

Evercore ISI upgrades Restaurant Brands International (QSR +4.4%) to an Outperform rating and hikes its price target to $72.
The firm modestly increases same-store sales estimates on Tim Hortons Canada due in part to a successful Justin Bieber promotion that is providing an additional near-term lift to loyalty membership and already-improving multi-year sales trends.
Evercore's QSR breakdown: "We have seen important foundational improvement at the brand (47% of EBITDA), including loyalty, digital marketing, food innovation and coffee improvements. While Burger King US SSS trends have improved in 4Q versus -2% SSS in 3Q, we still see that segment (17% of EBITDA) as a problem area. However, the struggling Burger King US is increasingly surrounded by RBI’s other growth drivers."
Looking ahead, analyst David Palmer and team believe a stabilizing Tim Hortons will be helpful to the company’s reputation among Canadian investors.
Of note to income investors, QSR offers a much higher dividend yield than restaurant sector peers.