Piper Jaffray Maintains Overweight, $108 Target on McDonald's

Piper Jaffray reiterates its Overweight rating and $108 target price on McDonald's MCD following a recent meeting with the company's management. Piper Jaffray says, "We are incrementally more confident on MCD shares following our recent visit with management. While we recognize that the company is trading near all time highs and is therefore facing heightened investor expectations of continuing to deliver consistent and strong positive results we believe the company is well-positioned to do so. Despite challenges from Fx, commodity inflation, and strong YoY comp comparisons we believe our estimates are achievable." MCD closed at $98.69 a share on Monday.