Restaurant Brands International (NYSE:QSR) is one stock on the rise this morning, thanks to a well-received earnings report. The company posted a top- and bottom-line beat, thanks mostly to strong chicken sandwich sales from Popeyes. The firm's CEO Joe Cil also told investors that the company plans to "invest behind our leadership in the fast-growing plant-based segment."
In response, QSR stock is trading up 2.3% at $86.65, putting it firmly above recent resistance at the 50-day moving average, and it's also now above the 80-day moving average for the first time since September. Despite this price action, many options traders are likely hoping for more upside.
By the numbers, the most populated QSR options are the February 67.50 and 70 calls. Data confirms notable buy-to-open activity at both, especially the former, so traders were betting on the stock moving above the strikes before the front-month contracts expire next Friday, Feb. 21.
For what it's worth, most analysts are already bullish on Restaurant Brands International. There are 21 brokerage firms in coverage, and 15 of them have a "buy" or "strong buy" recommendation on the Burger King parent. At the same time, the average 12-month price target is down at $78.24, so there's room for price-target hikes to come through and keep the wind at the equity's back.