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Will Slabaugh of Stephens on Thursday commented in a note that McDonald's Corporation (NYSE: MCD) is willing to make the necessary changes, as evidenced by the decision to allow its CEO Don Thompson to step down.
“While it is difficult to determine immediate implications, we believe this is a clear sign that McDonald's is willing to make the changes necessary to win,” Slabaugh wrote. “We also believe that this opens the conversation to multiple value-creating initiates that the previous management team was seemingly unwilling to entertain, including improving menu innovation at the lower end, refranchising a majority of company-owned stores, and adding debt to an under levered balance sheet to return cash to shareholders.”
Related Link: Brian Sozzi Knows Why McDonald's Showed Its Embattled CEO The Door
Slabaugh notes that McDonald's is in a position to improve fundamental performance and support a higher stock price. As such, shares present an attractive risk to reward profile at current levels.
Shares are Overweight rated with a $105 price target.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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