UPDATE: Bank of America Raises PO to $78 on Yum Brands

Bank of America reiterates its Buy rating on Yum Brands (NYSE: YUM) and raises its price target by $11 to $78 a share as it raises estimates on China and Taco Bell growth.

Bank of America notes, "Strong sales momentum in China and Taco Bell's return to positive same store sales, especially against a tough up 4% Jan. 2011 performance, are factors pushing our 2012 and 2013 EPS estimates up from $3.24 and $3.59 to $3.28 and $3.65, respectively. Yum continues its standard guidance for EPS growth of “at least” 10% or EPS of at least $3.16 for 2012."

YUM closed at $64.85 a share on Tuesday.