McDonald's Hit New All-Time High After Quarter Pounder Update, Bullish Rating
McDonald's (NYSE: MCD) shares hit an all-time high of $206.39 Tuesday afternoon.
On Monday, the fast-food chain announced that after a year of serving fresh beef Quarter Pounders across the United States, the company gained burger share in the "informal eating out category" for the first time in five years. McDonald's introduced these fresh beef burgers in May 2018.
“We’re proud that taste and food quality drives sales,” said Chris Kempczinski, President McDonald’s U.S. This resulted in a Quarter Pounder sales increase 30% on average "throughout the entire first year. And ultimately, McDonald’s sold 40 million more quarter-pound burgers in Q1 2019 than in Q1 2018."
On Tuesday, Credit Suisse initiated coverage on McDonald's stock with an Outperform rating and $230 price target.
"[W]e believe the company is effectively expanding its competitive moat relative to peers. SSS represent the greatest source of upside to shares, with MCD’s slate of on-trend sales initiatives supporting outperformance," said analyst Lauren Silberman.
McDonald's stock closed Tuesday at $205.71 per share.
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Latest Ratings for MCD
Jun 2019 | Initiates Coverage On | Outperform | ||
Jun 2019 | Maintains | Hold | ||
Jun 2019 | Initiates Coverage On | Outperform |
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