Piper Jaffray Lowers Rating On Burger King On Buyout (BKC)

Piper Jaffray is lowering its rating on Burger King Holding (NYSE: BKC) to Neutral from Overweight, after the burger chain received a $3 billion buyout offer yesterday. It has a $24 price target on shares, which was the buyout offer price.

In a note to clients Piper Jaffray writes, "Given that our price target objective has technically been achieved, we are lowering our rating to Neutral from Overweight prior while maintaining our $24 PT."

Shares of Burger King gained $4.73 yesterday, good for a gain of 25.08% to close at $23.59.