Jefferies says in a recent report it reiterates its Hold rating on McDonald's MCD and raises its price target from $95 to $99.
Jefferies notes, "EPS $1.23 (+7%) vs. our $1.22/cons $1.23. As telegraphed in March, EPS growth decelerated on continued food cost pressure which offset solid SSS growth & price increases. March SSS 7.7% (cons 6.7%) & April trending 4.0% (cons 4.3%), but NT infl/cost headwinds imply down co. op margin in 2Q & single-digit op profit growth this yr. Our ‘12 EPS stays $5.69 (+8%) & intro '13 EPS of $6.20 (+9%) vs. cons $6.31. PT $99 (fr $95)."
MCD closed at $97.22 on Friday.
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Posted In: Analyst ColorPrice TargetReiterationPre-Market OutlookAnalyst RatingsConsumer DiscretionaryJefferiesRestaurants
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