McDonald's (MCD) PT Raised to $260 at Oppenheimer; Bullish Thesis Intact
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Oppenheimer analyst Brian Bittner raised the price target on McDonald's (NYSE: MCD) to $260.00 (from $240.00) while maintaining a Outperform rating.
The analyst commented, "We upgraded MCD on 1/6/21 to Outperform (at $211) and recently activated the idea as one of our top picks. While the Int'l recovery is lagging owing to rising COVID cases in France/Germany, drivers for a powerful Int'l recapture are imminent and remain core to our thesis. Meanwhile, our US outlook is strengthening and provides an offsetting lever for the financial model in the near term. After a deep-dive, we introduce 2023 earnings estimates above consensus as we anticipate operating margin expansion to become a more powerful factor post-2022. Increasing price target to $260 (from $240)."
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