The Globe and Mail reports in its Thursday edition that 15 of 18 analysts who cover Tim Hortons now rate it as a "hold," two as a "buy" and one as a "sell," with an average price target of $87.63. The Globe's Darcy Keith, Tim Shufelt and Jody White write in the Eye On Equities column that Burger King Worldwide has agreed to acquire Tim Hortons for about $12.5-billion, but because the deal involves both cash and stock, the precise value is a moving target. Based on Burger King's closing price on Monday, the deal values each Tim Hortons share at $94.05. The stock took a hit Wednesday, shedding $2.29, to close at $86.42. CIBC World Market's Perry Caicco says: "Although the near-term value of over $90 (depending on the BKW share price) seems reasonable, investors need to understand the new company in order to assess the longer-term upside. The new company will be highly levered, but will have strong cash flows. ... THI has almost reached our latest price target. Although there may be further upside from here, it might not be apparent for six to 12 months." Raymond James analyst Kenric Tyghe notes that both companies insist there will be no co-branding, thus "no BkCafe is envisaged or planned."