UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on McDonald's Corporation

In a report published Monday, Piper Jaffray & Co. reiterated its Overweight rating on McDonald's Corporation

, and raised its price target from $93.00 to $100.00. Piper Jaffray noted, “We are maintaining our Overweight rating and increasing our price target from $93 to $100 following the company's recent analyst day events in Munich and Warsaw. In short, our time with management left us with a stronger appreciation of the European markets' ability to double unit counts over time. At approximately half the size of the United States in unit terms currently, but growing approximately 5x faster, we're incrementally more confident in the initiatives in place to sustain this growth. We have increased our expectations for new unit growth and upwardly revised our FY13 earnings estimates which also leads us to increase our price target to $100 based on 17x FY13E EPS (vs. 16x prior).” McDonald's Corporation closed on Friday at $91.70.