McDonald's (MCD) PT Raised to $300 at Truist Securities
Truist Securities analyst Jake Bartlett raised the price target on McDonald's (NYSE: MCD) to $300.00 (from $276.00) while maintaining a Buy rating following earnings.
The analyst commented, "Following 3Q22 results (SSS and EPS beat), we are increasing our ests. and PT to $300, from $276. SSS accelerated across all markets in 3Q22 (vs. 19) and accelerated further in Oct. in the US (+LDD Y/Y), giving us confidence in MCD's ability to gain market share, despite a weakening macro environment. We expect strong trends to continue as traffic is now positive in the US, and MCD's is benefiting from trade-down from higher-income consumers. We continue to expect margin expansion in '23, despite continued inflation, and remain confident in int'l unit growth despite greater macro pressures."