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Evercore ISI Raises McDonald's Price Target to $320, Shares Gain 3%
Aug 19, 2024 9:20 PM - Davit Kirakosyan(Last modified: Aug 20, 2024 3:15 AM)
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McDonald's (NYSE:MCD) shares rose more than 3% on Monday after Evercore ISI analysts raised the price target on the stock from $300 to $320, while maintaining an Outperform rating, citing optimism about the US business recovery through the second half of 2024 and into 2025.
The analysts highlighted recent improvements in market share trends and a stronger brand perception, buoyed by successful sales initiatives like commemorative cups, which have positively impacted Q3 sales. They anticipate that McDonald's will effectively implement a value-driven, multi-tiered menu strategy, leading to stronger same-store sales (SSS) growth. The analysts adjusted their 2025 US SSS estimate from 2% to 3%, reflecting confidence in McDonald's long-term performance as the company benefits from easing federal rates and improved sales trends.
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