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

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In a report published Friday, Piper Jaffray reiterated its Overweight rating and $22.00 price target on Burger King Worldwide (NYSE: BKW).

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.

Latest Ratings for BKW

DateFirmActionFromTo
Oct 2014Morgan StanleyUpgradesEqual-weightOverweight
Sep 2014BarclaysMaintainsEqual-weight
Aug 2014UBSMaintainsBuy

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