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 (NYSE: THI), 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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.