These Analysts Revise Their Forecasts On McDonald's Following Q3 Results

McDonald's Corp MCD reported better-than-expected earnings for its third quarter on Monday.

McDonald's reported third-quarter FY23 sales growth of 14% year-on-year to $6.692 billion, beating the analyst consensus estimate of $6.577 billion. Adjusted EPS of $3.19 beat the consensus estimate of $3.00.

McDonald's sees FY23 operating margin of 46%; Capital expenditure of $2.2 billion - $2.4 billion.

McDonald's shares rose 0.7% to trade at $261.95 on Tuesday.

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

• Stephens & Co. cut the price target on McDonald's from $325 to $300. Stephens & Co. analyst Joshua Long maintained an Overweight rating.
• BMO Capital lowered the price target on McDonald's from $340 to $325. BMO Capital analyst Andrew Strelzik maintained an Outperform rating.
• RBC Capital analyst Christopher Carril, meanwhile, reiterated McDonald's with an Outperform and maintained a $315 price target.
• DZ Bank analyst Katharina Schmenger upgraded the stock from Hold to Buy and announced a $300 price target.
• Wedbush analyst Nick Setyan reiterated McDonald's with an Outperform and maintained a $310 price target.

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