Restaurant Brands International (QSR) is facing a compelling setup into 2026, Oppenheimer said in a note Tuesday.

The company is "successfully navigating a challenging backdrop" with its Tim Hortons and international businesses representing 70% of profits amid solid same-store sales trends as well as "strengthening system sales," the investment firm said.

Meanwhile, the company's Burger King chain is "showing clearer signs of domestic turnaround momentum," the note said.

Oppenheimer noted that Restaurant Brands' strong relative performance, with its shares up 7.3% year-to-date, only comes behind Yum Brands (YUM).

Even amid a challenging Q3 earnings season for the sector, Restaurant Brands was able to stand out as "consensus earnings estimates through 2026 remained intact while others fell."

Oppenheimer reiterated Restaurant Brands' outperform rating and has an $80 target price on the company.

Price: 71.76, Change: +1.82, Percent Change: +2.60