McDonald's: Jefferies raises target price
(CercleFinance.com) - McDonald's US comparable sales fell further in May, although at a rate that was almost halved relative to April, thereby confirming the scenario of a gradual economic recovery.
The world's leading restaurant chain in terms of sales reported that its total same-store sales declined by 20.9% last month.
Following this announcement, Jefferies confirmed its buy rating on the share, while raising its corresponding target price to 220 dollars (current price: 190 dollars).
Mc Donald's "provided an update on restaurant openings ahead of a conf appearance today. 95% of locations worldwide are now open," the broker said.
"Our 2Q EBITDA est down slightly but '20/21E EBITDA up" Jefferies adds.
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