Deutsche Bank Maintains a 'Buy' on Burger King (BKC); Lowers Estimates After Recent Channel Checks
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Deutsche Bank maintains a 'Buy' on Burger King (NYSE: BKC), but lowers estimates after recent checks.
Deutsche analyst says, "We're lowering estimates for BKC as our channel checks indicate same store sales are running below our prior forecast and guidance. Sluggish consumer spending across the industry, BKC's lack of "value" messaging and difficult compares have likely driven the sales weakness. Maintain Buy as valuation already reflects expectations of an earnings shortfall...We're lowering our US & Canada segment F4Q SSS forecast to -3.4% from +0.9%. Our EPS forecasts go to $0.32 from $0.35 for F4Q (June qtr.), $1.37 from $1.40 for FY09, and $1.45 from $1.51 for FY10."
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Burger King Holdings, Inc. (BKH) is a fast food hamburger restaurant. As of June 30, 2008, the Company owned or franchised a total of 11,565 restaurants in 71 countries and United States territories, of which 1,360 restaurants were Company restaurants and 10,205 were owned by its franchisees.
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