UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Burger King Worldwide Following 3Q13 Operating Earnings

In a report published Monday, Piper Jaffray analyst Nicole Miller Regan reiterated an Overweight rating on

, and raised the price target from $22.00 to $23.00. In the report, Piper Jaffray noted, “Burger King delivered 3Q13 operating earnings of $0.23 per share, which was ahead of our in-line estimate of $0.21. Results were driven in part by global same-store sales of +0.9%, while total year-over-year sales dollars were down, driven by the recent effort around refranchising stores. We are maintaining our Overweight rating and increasing our price target to $23 (from $22 prior) on 14x FY14E EV/EBITDA.” Burger King Worldwide closed on Friday at $19.76.