Sterne Agee Maintains Buy on McDonald's After November SSS Results
Sterne Agee has published a research report on McDonald's (NYSE: MCD) after the company showed November SSS that exceeded expectations.
In the report, Sterne Agee writes, "McDonald's Corporation released impressive global same-store sales (SSS) of +7.4% for November, exceeding our estimate of +4.6%, and consensus of +5.1%. These results underscore our belief that MCD is the best positioned player in the QSR segment. We believe MCD will continue to gain market share given significant marketing power, an entrenched value perception, menu innovation and upgraded facilities. Accordingly, we are reiterating our BUY rating and view MCD as one of our top picks in the restaurant industry."
Sterne Agee maintains its Buy rating and $106 price target on McDonald's, which is currently trading up $1.50 from yesterday's $96.45 closing price.
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