RBC Capital Updates Estimates on McDonald's (MCD) Following 2Q; Reiterates Outperform
RBC Capital reiterated an Outperform rating and $140.00 price target on McDonald's (NYSE: MCD) following the company's 2Q earnings report. RBC updated 2016 EPS estimates, increasing forecasts to $5.64, compared to $5.50 prior, ahead of $5.53 consensus.
Analyst David Palmer commented, "While sales growth has slowed, we see good reason for solid ongoing growth against more difficult comparisons. Furthermore, McDonald’s is transforming itself into a better business (steadier earnings and higher free cash flow conversion). We reiterate our Outperform rating and $140 price target."
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Shares of McDonald's closed at $121.71 yesterday.