Argus Upgrades McDonald's (MCD) to Buy

Argus upgraded McDonald's (NYSE: MCD) from Hold to Buy with a price target of $140.00.

The analyst notes the company is making progress on its turnaround plan, and posted strong growth in comp-store sales, operating margins, and EPS in 4Q15. It is also increasing the number of company-owned restaurants that it plans to sell to franchisees, and benefiting from lower food costs.

The firm is raising 2016 EPS estimate from $5.20 to $5.50 and setting a preliminary 2017 estimate of $6.10.

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 closed at $120.43 yesterday.

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