Piper Jaffray Reiterates Overweight Rating, $95 PT on McDonald's Corporation
In a report published Monday, Piper Jaffray & Co. reiterated its Overweight rating and $95.00 price target on McDonald's Corporation (NYSE: MCD).
Piper Jaffray noted, “McDonald's reported sequentially stronger comp results globally in November supported by a generally consistent value message promoted on television vs. prior months and a shifted McRib marketing calendar. Specifically, the U.S. segment came in at +2.5%, vs. our expectation of (2.5%), and Europe and APMEA segment comps came in at +1.4% and +0.6%, respectively, vs. expectations of (3.5%) and (4.5%), respectively. Globally, comps for the month were +2.5% vs. consensus of +0.1%. We are maintaining our Overweight rating and $95 price target based on ~17x our FY13 EPS estimate.”
McDonald's Corporation closed on Friday at $88.48.
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