UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PT on Tim Hortons

In a report published Monday, Bank of America Merrill Lynch reiterated its Buy rating on Tim Hortons

, but lowered its price target from $60 to $55. BofA Merrill Lynch noted, “Tim Hortons is the market-leading Canadian QSR with an approximate 20 year track record of positive same store sales. The brand still has significant growth opportunities both in Canada, with a 4,000+ unit potential, and internationally. THI generates significant free cash flow and has been active in returning cash to shareholders through share repurchases and dividends.” Tim Hortons closed on Friday at $46.87.