McDonald's (MCD) PT Raised to $235 at Cowen; Raises Q2 Comp Est. to 5%
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Cowen analyst Andrew Charles raised the price target on McDonald's (NYSE: MCD) to $235.00 (from $225.00) while maintaining an Outperform rating.
The analyst commented, "We raise our 2Q U.S. comp estimate from 4.5% to 5.0%, vs 4.3% consensus. Our U.S. ReModel analysis suggests an accelerated contribution to U.S. comps in 2H19 that is not reflected in consensus. Following 18 months of negative 2019 EPS revisions, we are hopeful to see better flow-thru to EPS in 2Q, though with a 0.79 correlation, U.S. comps drive MCD's multiple. Raising PT from $225 to $235."
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