UPDATE: Credit Suisse Raises PT to $111 on McDonald's, Maintains Outperform

Credit Suisse reiterates its Outperform rating on McDonald's

and raises its price target to $111 from $106 a share following fourth quarter results and an outlook that looks solid into 2012. Credit Suisse comments, " Don't read too much into slower US remodels in 2012: MCD completed 900 US remodels in 2011 and guided to 800 in 2012. We believe the deceleration in guidance relates to (1) some construction pull forward given favorable winter weather, and (2) conservatism - the original guidance for 2011 was only 600. More importantly, MCD remains in the early stages of remodels, with a growing system comp halo on top of the initial lifts - one of the reasons we see a secular share gain story in any economic scenario." MCD closed at $89.75 a share on Tuesday.