Piper Jaffray Reiterates Overweight Rating, $22 PT on Burger King Worldwide on Strong 4Q12 Results

In a report published Friday, Piper Jaffray reiterated its Overweight rating and $22.00 price target on Burger King Worldwide

. Piper Jaffray noted, “Burger King delivered 4Q12 operating earnings of $0.23 per share, which was ahead of our estimate. We are encouraged to see top-line results driven in part by global same-store sales of +2.7%, while total year-over-year dollars were down driven by the refranchising of stores. Currently, comps are running in (LSD) range. We are maintaining our Overweight rating and $22 price target on BKW shares. Our target is based on 15x FY13E EV/EBITDA.” Burger King Worldwide closed on Thursday at $16.58.