Analysts at RBC Capital Markets and TD Securities lowered their price targets on MTY Food Group (MTY.TO) to C$41 from C$46, and to C$38 from C$42, respectively, on Monday.
RBC analyst Ryland Conrad maintained a Sector Perform rating on shares of the Canadian restaurant franchisor and operator following its quarterly results on Friday.
"Q2/26 results were below our forecast in a still challenging operating environment," Conrad said in a note to clients. "While the closure of 68 corporate locations will pressure organic revenue growth in the near-term, we believe it is a logical step toward improving network quality and profitability longer-term."
TD analysts including Cheryl Zhang maintained a Hold rating on MTY.
"Until investors get more clarity and/or conviction of a positive inflection on any of these, we believe the stock will remain range-bound," the analysts said.
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