Morgan Stanley Sees McDonald's (MCD) Results as Good Enough, 5 Takeaways
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Morgan Stanley analyst John Glass reiterated an Overweight rating and $248.00 price target on McDonald's (NYSE: MCD) after the top line trend continued to improve globally while International markets were not as bad as expected. Margins missed but mostly due to Covid & related costs. Key takeaways inlcude:
1) US same store sales of 5.5% were mostly in line with estimates,
2) The IOMs performed better than expected
3) 4Q margins of 37.7% missed, primarily due to the IOM margins while G&A was elevated due to some one time costs
4) High level guidance was mostly in line with comments at the Nov investor day
5) Upcoming Catalysts include: the re-opening, a new sandwich to complement spicy nuggets in Feb, the roll-out of the MyMcDonalds digital platform (rewards, MOP, in-app delivery and deals all in
Shares of McDonald's closed at $206.49 yesterday.
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