Piper Jaffray Maintains Overweight Rating and $98 PT on McDonald's

A report from Piper Jaffray reiterates its Overweight rating and $98 price target on McDonald's MCD. The report states, “Upon conclusion of our proprietary October traffic analysis we are maintaining our U.S. 4Q11 comp estimate at +4.0%. For the month of October, we predict samestore sales of +4.0% based widely on our proprietary parking lot traffic analysis that suggests a lunchtime comp in the +4.0% range. Outside of weather, we continue to believe recent comp strength is more widespread across day parts vs. prior periods. We expect the company to report October comps on November 8.” MCD closed Friday at $93.81.