- Oppenheimer Analyst Brian Bittner reiterated an Outperform rating on the stock McDonald’s Corp MCD And raised the target price to $315 from $304.
- The analyst said US same-store sales are upbeat as the company has the strongest brand positioning in years, supported by modernization, best-in-class marketing and improving service satisfaction.
- In the decade before COVID, MCD’s unit growth averaged just 1.8% per year. With management forecasting nearly 4% unit growth in 2023, the analyst is excited to see the building blocks for further acceleration.
- The analyst keeps MCD as a top pick for 2023 as the company’s unmatched scale and operational resilience have created strong global momentum, particularly in the US where traffic is positive.
- The analyst believes that regardless of the economic situation, MCD has the ability to gain and increase its share in a recession or an up cycle.
- The analyst recalled that during the 2008-2009 recession, MCD was the only publicly traded restaurant company to post positive earnings revisions throughout the downturn.
- also read: From Burgers to Billions: Analyzing McDonald’s sizzling 6% stock growth in March and what it means for investors
- price action: MCD shares trade 0.83% higher at $287.68 on the latest check Thursday.
- Photo via company
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