McDonald’s price target raised to $330 from $310 at Jefferies

Jefferies raised the firm’s price target on McDonald’s to $330 from $310 and keeps a Buy rating on the shares. Foot traffic data through August averaging up greater than 3% versus flat in Q2 is suggesting upside to the current Street estimate of down 0.6% for U.S. same-store sales, the analyst tells investors. The firm, which thinks a greater focus on value marketing is starting to work more meaningfully and drive traffic sooner than expected, views McDonald’s as well-positioned to navigate an increasingly promotional environment.