J.P. Morgan Updates Estimates On Tim Hortons

According to J.P. Morgan, Tim Hortons THI remains Neutral. J.P. Morgan said that it is updating F11 and F12 estimates for Tim Hortons. “We maintain our Dec 11 price target of C$45 based on a 17x multiple on C12 EPS, within the longer term global QSR average of 16-17x. We continue to prefer MCD for a similar low volatility business model but more attractive valuation of 15.6x and better global growth prospects.” Tim Hortons closed yesterday at $47.12.