Jefferies Raises PT on McDonald's to $95

Jefferies & Company has published a research report on McDonald's

and has raised the price target from $88 to $95 after the company reported its November SSS. In the report, Jefferies writes, "McRib popularity & strength at breakfast continue to drive results, along with value offerings, seasonal beverage items at McCafe (Peppermint Mocha), and chicken promotions. Coming out of the analyst day last month, we remain confident that MCD can continue to take share from its QSR peers, even without a blockbuster product. We have increased our 4Q11 SSS to 6.0% (fr. 4.5%) based on recent trends; Our '12 SSS est. goes to 3%. The company took 50-100 bps of pricing recently to drive total effective price of +3% going into 2012, which should help offset the expected 4.5-5.5% of food infl." Jefferies maintains its Hold rating on McDonald's, which is currently trading up $1.69 from yesterday's $96.45 closing price.