UPDATE: Bank of America Reiterates Buy Rating, Raises PT on McDonald's Corporation on Good February Comps

In a report published Monday, Bank of America reiterated its Buy rating on McDonald's Corporation

, and raised its price target from $99.00 to $110.00. Bank of America noted, “MCD reported that February global same store sales declined 1.5% versus up 7.5%, hurt by Leap Day in all regions as well as weather issues in the U.S. All major geographies declined including the U.S. down 3.3% vs up 11.1%, Europe down 0.5% vs up 4.0% and APMEA down 1.6% vs up 2.4%. Sales continue to face challenging macro pressures but were flat to positive in all regions when excluding significantly negative trade day variances of 3.3% in the U.S., 3.2% in Europe, 3.1% in APMEA and 3.2% worldwide. Prior year sales comparisons get easier for the U.S. in March as the issue of favorable weather a year ago abates. However, the global comparison will be against a positive 7.7%, the toughest of 2012, led by strong APMEA and EMEA sales.” McDonald's Corporation closed on Friday at $98.71.