Piper Jaffray Maintains Neutral on McDonald's

Piper Jaffray is out with its report today on McDonald's MCD, maintaining Neutral. In a note to clients, Piper Jaffray writes, "We are encouraged by our proprietary June data but continue to look for consistency trends before becoming more constructive on shares of MCD. We are also increasing our 2Q11 EPS estimate to $1.28 to better reflect expectations for favorable foreign exchange rates during the quarter. We are maintaining our Neutral rating and $85 price target." Shares of MCD closed Wednesday at $85.86, up 0.26% from Tuesday's close.