McDonald’s price target raised to $330 from $305 at KeyBanc

KeyBanc analyst Eric Gonzalez raised the firm’s price target on McDonald’s to $330 from $305 and keeps an Overweight rating on the shares. The firm notes McDonald’s stock is up over 20% in the last three months-outperforming the S&P500 by about 20% over that time period. This outperformance, while sudden, reflects the swiftness with which McDonald’s has been able to quickly change the narrative from a brand that was in the midst of a value war, to one that has reengaged its marketing/innovation engine to successfully alter consumer perceptions around affordability, KeyBanc says. Based on the firm’s proprietary data and its industry conversations, KeyBanc is also raising its Q3 same-store sales growth estimate for McDonald’s U.S. and maintaining its above consensus same-store sales growth estimate for Q4 as it remains confident in the company’s near-term sales layers.