Can McDonald's (MCD) Get its Street Cred Back after Replacing U.S. President?
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Price: $101.54 +0.42%
Rating Summary:
7 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
7 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade MCD Now!
Heads rolled at McDonald's (NYSE: MCD) today and so far Wall Street likes the type of message the company is sending.
On Thursday, the fast-food giant announced that Jeff Stratton, currently Global Chief Restaurant Officer, will be replacing Jan Fields as the head of its US business effective December 1st. On the move, analysts at Goldman Sachs said the change suggests McDonald's is "taking responsibility."
"While it is hard to judge one executive over the other in terms of effectiveness, we see the announcement as a positive for Neutral-rated MCD as it suggests that the company, at least internally, acknowledges that some of its current issues are self-induced and require a change," analyst Michael Kelter Goldman Sachs stated." Publicly, management seems to have attributed most of its recent soft sales to the current macro environment and increased competitive pressures."
While the firm does not see a meaningful reaction in the stock, they say the move in an incremental positive.
Goldman Sachs maintained its Neutral and $89 price target.
For an analyst ratings summary and ratings history on McDonald's click here. For more ratings news on McDonald's click here.
Shares of McDonald's are down 0.8 percent to $83.91.
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On Thursday, the fast-food giant announced that Jeff Stratton, currently Global Chief Restaurant Officer, will be replacing Jan Fields as the head of its US business effective December 1st. On the move, analysts at Goldman Sachs said the change suggests McDonald's is "taking responsibility."
"While it is hard to judge one executive over the other in terms of effectiveness, we see the announcement as a positive for Neutral-rated MCD as it suggests that the company, at least internally, acknowledges that some of its current issues are self-induced and require a change," analyst Michael Kelter Goldman Sachs stated." Publicly, management seems to have attributed most of its recent soft sales to the current macro environment and increased competitive pressures."
While the firm does not see a meaningful reaction in the stock, they say the move in an incremental positive.
Goldman Sachs maintained its Neutral and $89 price target.
For an analyst ratings summary and ratings history on McDonald's click here. For more ratings news on McDonald's click here.
Shares of McDonald's are down 0.8 percent to $83.91.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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