McDonald’s Corp. (MCD) has reported outstanding financial results for the third quarter of 2021, pushing its shares up 3.2%, at the time of writing, during the pre-market trading session on Wednesday.
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The Chicago-based chain of fast-food restaurant franchises operates more than 30,000 restaurants in over 100 countries.
The company reported adjusted earnings per share (EPS) of $2.76, up 24% year-over-year and above the Street’s estimate of $2.46. (See Insiders’ Hot Stocks on TipRanks)
Consolidated revenues increased 14% to $6.2 billion, surpassing analysts’ expectations of $6.03 billion. Similarly, Global and U.S. comparable sales rose 12.7% and 9.6%, respectively.
The President and CEO of McDonald, Chris Kempczinski, said, “We continue to execute our strategic growth plan and run great restaurants so that we can drive long-term, sustainable growth for all of our stakeholders.”
Last week, Credit Suisse analyst Lauren Silberman maintained a Buy rating on the stock with a price target of $271 (12% upside potential). The analyst expects the company to report EPS of $2.97 in the fourth quarter.
Overall, the stock has a Strong Buy consensus rating based on 19 Buys and 3 Holds. The average McDonald’s price target of $269 implies 11.2% upside potential. Shares have gained 12.5% year-to-date.
According to TipRanks’ Smart Score rating system, McDonald’s scores a 9 out of 10, suggesting that the stock is likely to outperform market averages.
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