UPDATE: Sterne Agee Raises McDonald's PT

According to a research report published today, Sterne Agee has increased McDonald's Corporation's MCD PT from $109 to $112. In the report, Sterne Agee said, “Given our channel checks, favorable domestic weather in February and meaningful trade day shifts, we are raising our 1Q12 EPS estimate to $1.26 (from $1.22) and global SSS forecast to +8.7%, above FactSet Consensus EPS projections of $1.24 and +6.6%, respectively. We continue to believe that MCD is the best positioned player in QSR to gain market share given significant marketing power, an entrenched value perception, new menu innovation and upgraded/reimaged facilities. As such, we are reiterating our BUY rating and increasing our target price to $112 from $109 (predicated on a static P/E multiple assumption of ~17.5x our FY13 estimate of $6.40).” McDonald's closed yesterday at $99.94.