Cowen raised its price target on Yum! Brands (NYSE: YUM) to $80.00 (from $75.00) while maintaining a Outperform rating, following the company's first quarter earnings report.

Analyst Andrew Charles notes company delivered first quarter earnings per share and top-line results above consensus projections, driven by robust sales momentum from the Taco Bell segment, as management continues to transition to a 98% franchise business model.