The ink has barely dried on the announcement that Restaurant Brands International Inc will buy Popeyes Louisiana Kitchen, and already analysts are pondering who could be next on Restaurant Brands’ takeover target list.

Restaurant Brands (QSR.TO), owner of the Burger King and Tim Hortons fast-food chains, said Tuesday it would acquire Popeyes (PLKI.O) for US$1.8 billion in cash. Popeyes has since cancelled its 2016 fiscal earnings call scheduled for Thursday morning.

One analyst report positions Dairy Queen as the next target for Restaurant Brands. Financial services firm Cowen Group said in a note Tuesday that the ice cream chain is a logical fit.  

“Investors previously believed RBI would have interest in ultimately acquiring YUM, parent company of KFC, the largest fried chicken quick-service restaurant in the world,” the report read. “We view this as unlikely now that RBI is purchasing [Popeyes]. We still believe Dairy Queen screens favourable as a portfolio company for RBI as we outlined in our initiation.”

Cowen points out Dairy Queen has hundreds of locations across Canada and says RBI’s “international master franchise structure could accelerate growth.”

Dairy Queen is owned by Warren Buffett’s Berkshire Hathaway, which has 8.4 million shares in Restaurant Brands, making it the conglomerate’s fourth-largest shareholder.