BMO Capital Markets analyst Peter Sklar said the expansion presents a growth opportunity for the company.
"However, we believe there is significant uncertainty about whether the international rollout of the Tim Horton's brand will ultimately be successful," he wrote in a report.
Tim Hortons has previously announced plans to expand to Spain, Mexico, Great Britain and the Philippines.
"We remain concerned about its potential for success given RBI's challenged expansion into the U.S. in the past," Sklar wrote.