McDonald's Gets Price Target Hikes By Analysts Following Upbeat Q1 Results

McDonald's Corp MCD reported better-than-expected results for its first quarter.

McDonald's reported first-quarter FY23 sales growth of 4% year-on-year to $5.89 billion, beating the consensus of $5.59 billion. Adjusted EPS of $2.63 beat the analyst consensus of $2.33.

McDonald's shares fell 0.6% to close at $291.51 on Tuesday and lost 0.1% in today’s pre-market trading session.

These analysts made changes to their price targets on McDonald's following earnings announcement.

• Wedbush raised the price target on McDonald's from $315 to $330. Wedbush analyst Nick Setyan maintained an Outperform rating.
• Keybanc boosted the price target on McDonald's from $290 to $320. Keybanc analyst Eric Gonzalez maintained an Overweight rating
• TD Cowen increased the McDonald's price target from $315 to $320. TD Cowen analyst Andrew Charles maintained an Outperform rating on the stock.
• Morgan Stanley raised McDonald's price target from $309 to $315. Morgan Stanley analyst John Glass maintained the stock with an Overweight rating.
• Barclays raised the price target from $310 to $330. Barclays analyst Jeffrey Bernstein maintained McDonald's with an Overweight.

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