Wells Fargo Resumes McDonald's (MCD) at Outperform

Wells Fargo resumes coverage on McDonald's (NYSE: MCD) with a Outperform and $100-$105 valuation range.

"We expect to see multiple expansion in 2013 driven by: (1) recently implemented tactical product and promo shifts (greater focus on value/new products) and (2) a resumption of operating income margin and ROIC (return on invested capital) expansion in 2013. Our $100-105 valuation range equates to 11.0-11.5x our 2013E EBITDA."

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 $89.71 yesterday.

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