McDonald's (MCD) PT Raised to $315 at Oppenheimer, Remains 'Top Pick'

Oppenheimer analyst Brian Bittner raised the price target on McDonald's (NYSE: MCD) to $315.00 (from $304.00) while maintaining a Outperform rating and reiterates the stock as a Top Pick.

The analyst commented, "MCD remains a "top pick" despite shares elevating to all-time highs, vs S&P -14% below its peak. Our updated analysis highlights MCD as one of the rarities in our restaurant coverage where we've identified upside to Street's EPS in '23E/'24E. Plus, its resilient business model is battle-tested and adds unique protection to financial forecasts if the macro unexpectedly deteriorates. The investment story is also armed with emerging catalysts via an accelerating unit growth algorithm and leaner G&A strategy not properly reflected in consensus. Forward P/E of 24x doesn't represent a valuation discount, but MCD's strengthening fundamentals, faster growth and candidacy for positive earnings revisions keeps us attracted. Raise target to $315."

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