Oppenheimer Reiterates Perform Rating, McDonald's Corporation on Flat US Comps

In a report published Friday, Oppenheimer reiterated its Perform rating on McDonald's Corporation

. Oppenheimer noted, “MCD reported flat US comps, excluding negative impact from last year's leap year. This was relatively in line with expectations as was the overall global comp. We believe MCD lacks meaningful upside both in its earnings model and valuation to justify an Outperform rating. The Street already models a very nice sales/earnings recovery throughout the year. With the stock trading at ~17x our '13E EPS and ~16x our '14E EPS, or ~2.0x PEG when incorporating its below-average growth profile, we see limited room for multiple expansion.” McDonald's Corporation closed on Thursday at $97.09.