UPDATE: J.P. Morgan Lowers Price Target on Arcos Dorados Holdings to $24

According to J.P. Morgan, Arcos Dorados Holdings ARCO price target is lowered to $24. J.P. Morgan said that Arcos Dorados will announce 4Q earnings in late February. “We agree that valuation becomes more attractive with the stock under/near $20, but remain Neutral as consensus expectations likely still need to be reset lower due to comp volatility, COGS pressure, and currency (for which we estimate sensitivities below).” Arcos Dorados Holdings closed yesterday at $20.29.