Bank of America Raises PO on McDonald's to $107

Bank of America has published a research report on McDonald's MCD and has raised the price objective from $98 to $107. In the report, Bank of America writes, "We continue to rate MCD shares Buy and are raising our price objective from $98 to $107 as we also boost EPS estimates from $5.18 to $5.20 for 2011, from $5.67 to $5.71 for 2012 and from $6.26 to $6.30 for 2013 and shift our valuation focus to our 2013 EPS estimate. MCD posted better than expected same store sales for the month of November across all regions with worldwide same store sales up 7.4% versus up 4.8%, the second strongest monthly increase posted for 2011. We note that December sales comparisons are relatively easy given weather influences last year in both the U.S. and Europe." Bank of America maintains its Buy rating on McDonald's, which is currently trading up $1.43 from yesterday's $96.45 closing price.