Pershing Square Capital Management held 22.87 million Restaurant Brands International shares valued at $1.56 billion by quarter-end, representing 10.05% of its total portfolio after a modest stake reduction. QSR stock has returned 7.5% year-to-date, outpacing its 5% gain over full-year 2025.

Bill Ackman emphasizes that the company’s franchise-heavy structure generates stable royalty income, with its International segment and Tim Hortons operations accounting for roughly 70% of consolidated profits. Rising same-store sales and robust global performance underpin his confidence in long-term growth.

Following the recent investor day, Morgan Stanley raised its price target from $77 to $78 while maintaining an Equal Weight rating, and Piper Sandler upgraded the stock to Overweight with an $84 target. Analysts cited management’s strategic plans as a catalyst for potential outperformance.