BofA/Merrill Lynch Upgrades Burger King Worldwide (BKW) Two-Notches to Buy
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BofA/Merrill Lynch upgraded Burger King Worldwide (NYSE: BKW) from Underperform to Buy with a price target of $38.00 (from $23.00) on the plan to combine with Tim Hortons.
Analyst Andrew Charles said, "In our view, significant upside exists for the new publicly traded company as the Tim Hortons brand can be expanded internationally through Burger King’s international master franchise agreements which include several emerging markets. Our revised price objective is derived by applying a 16x EV/EBITDA multiple to our estimate for the combined company."
Shares of Burger King Worldwide closed at $27.11 yesterday.
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