Piper Jaffray Reiterates Neutral and PT of $85 on McDonald's Corporation (MCD)

Piper Jaffray reiterated its Neutral rating on McDonald's Corporation

. At the same time, it left its price target unchanged at $85. In a research report published today, Piper Jaffray states, "we continue to see MCD shares as a strong defensive play and view the company as arguably best-positioned within the quick-service restaurant space. We believe the company's perpetual approach to remodels will help it protect market share, and further see an opportunity for the company to gain additional dining share over time by delivering an improved dining experience to close the perceived "value gap" between traditional QSR and fast casual segments. That said, we continue to believe that tougher same-store sales comparisons in 2H11, elevated gas prices, and general consumer-facing macro concerns overshadow the company's consistent +LSD same-store sales trends, thus limiting multiple expansion. We are maintaining our Neutral rating and $85 price target on MCD shares." In yesterday's trading, McDonald's added 1.45% to its value to close the day at $80.66. Its shares lost some value in today's pre-market trading, however, falling 0.43% to $80.31.