Stephens analyst Will Slabaugh upgraded McDonald's (MCD) to Overweight from Equal Weight and raised his price target for the shares to $200 from $180. The stock closed Friday up $4.10 to $179.97.
McDonald's core U.S. business is accelerating and positioned to show upside to consensus estimates for Q1 and fiscal 2019, Slabaugh tells investors in a research note. The analyst highlights improvements to the company's breakfast menu and expected increased menu innovation.
Further, he believes the shares no longer reflect "much of the defensive premium from recent months."
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