UPDATE: Piper Jaffray Initiates Coverage on Burger King

According to a research report published Thursday, Piper Jaffray has initiated Burger King

with an Overweight rating and $19 PT. Piper Jaffray commented in the report, "Our positive bias as it relates to brand equity stems from the concept's long-standing operating history in spite of an average CEO tenure of less than two years during the past two decades. Potential catalysts include improving same-store sales and the benefit of an ascending royalty rate as a function of increased new unit (franchise) development. Our price target equates to 30x FY13 EPS." Burger King closed Wednesday at $15.31.