UPDATE: Morgan Stanley Reiterates Overweight Rating, Lowers PT on Restaurant Brands International, Inc. on Model Update

In a report published Monday, Morgan Stanley analyst John Glass reiterated an Overweight rating on

, but lowered the price target from $45.00 to $43.00. In the report, Morgan Stanley noted, "Following BKW's merger with THI, we are publishing our new pro forma QSR model and lowering our '15, '16, and '17 EBITDA ests due to larger FX impact (CAD) and lower synergy assumptions than previously assumed. PT lowered to $43 from $45 on 18x our new FY17 EBITDA est." Restaurant Brands International, Inc. closed on Friday at $38.79.