February 19, 2013 at 08:18 AM EST
Piper Jaffray Reiterates “Overweight” Rating on Burger King (BKW)

Piper Jaffray reported on Friday that they are maintaining their current rating on fast food chain, Burger King Worldwide Inc(BKW).

The firm has reaffirmed its “Overweight” rating and $22 price target on the company. This price target suggests a 21% increase from the stock’s current price of $17.36.

An analyst from the firm commented, “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 shares were mostly flat during premarket trading Tuesday. The stock has increased 15% in the past year.

The Bottom Line
Shares of Burger King Worldwide Inc(BKW) have a 0.92% yield, based on Friday’s closing price of $17.36.

Burger King Worldwide Inc(BKW) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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