The Globe and Mail reports in its Wednesday edition that RBC's Logan Reich has reiterated his "sector perform" call and $40 share target, matching the consensus, for A&W Food Services of Canada. The Globe's David Leeder writes that Mr. Reich believes catalysts for A&W shares are limited due to a challenging macro environment and low trading volume. Mr. Reich says in a note: "The company's new stand alone store concept lowers construction costs by $500,000 and could enable faster unit growth over time. Recall, on the Q1 call, management specifically called out eastern provinces as those that had experienced the most acute decline in consumer confidence. As visibility into an improving consumer backdrop remains limited, the company is leaning into value and menu innovation (smash burger) to better compete for transactions. On value, the company continues to take a market specific approach given uneven macro pressures. To the degree those pressures spread, we think the company could expand their value offerings." He says the Canadian macro backdrop for fast food operators "appears to be less favorable than in the U.S. as near-zero population growth, unemployment, inflation and consumer sentiment are all headwinds."