UPDATE: Sterne Agee Reiterates Buy Rating, Lowers PT on McDonald's Corporation
In a report published Monday, Sterne Agee Group reiterated its Buy rating on McDonald's Corporation (NYSE: MCD), but lowered its price target from $112.00 to $101.00.
Sterne Agee noted, “While disappointed in MCD's recent results, we believe some of the issues were self-inflicted due to a lack of value messaging (U.S.) and less significant new product introductions. Looking forward, we believe that MCD is making the needed changes to advertising and expect to see new product launches in the N-T. We are maintaining our BUY rating as we believe that MCD will remain a market share winner over the L-T given superior marketing power, menu innovation and a major remodel program.”
McDonald's Corporation closed on Friday at $88.72.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.