Piper Jaffray Upgrades McDonalds To Overweight

According to Piper Jaffray, McDonalds MCD is upgraded to Overweight. Piper Jaffray said that upon conclusion of its proprietary July traffic analysis it is increasing its U.S. 3Q11 comp estimate to +5.0% (from +3.0%). “We are also upgrading our rating on MCD shares to Overweight (from Neutral) and are increasing our price target to $98 (from $87).” McDonalds closed yesterday at $85.54.