UPDATE: Jefferies Raises PT to $99 on McDonald's Following Quarterly Report

Jefferies says in a recent report it reiterates its Hold rating on McDonald's

and raises its price target from $95 to $99. Jefferies notes, "EPS $1.23 (+7%) vs. our $1.22/cons $1.23. As telegraphed in March, EPS growth decelerated on continued food cost pressure which offset solid SSS growth & price increases. March SSS 7.7% (cons 6.7%) & April trending 4.0% (cons 4.3%), but NT infl/cost headwinds imply down co. op margin in 2Q & single-digit op profit growth this yr. Our ‘12 EPS stays $5.69 (+8%) & intro '13 EPS of $6.20 (+9%) vs. cons $6.31. PT $99 (fr $95)." MCD closed at $97.22 on Friday.