UPDATE: Canaccord Genuity Upgrades Tim Hortons on Shareholder Friendly Initatives

In a report published on Thursday, Canaccord Genuity analyst Derek Dley upgraded

from Hold to Buy and raised the price target on the company from C$52.00 to C$67.00. In the report, Canaccord Genuity stated, "We are becoming more constructive on the stock following the announcement of shareholder friendly initiatives, despite still challenging fundamentals in Canada, which we believe will be overshadowed by the company's increased share buyback and reduction in U.S. spending." TIm Hortons closed on Thursday at $58.04.