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McDonald’s (MCD) and Starbucks (SBUX) shares tick 2% higher
McDonald’s (MCD) shares climbed 2% in Monday’s trading after analysts talked up the fast-food company’s recent menu innovation, strong sales and competitive edge.
McDonald’s (MCD) shares rose steadily on Monday after Bank of America increased its price target for the fast-food company and CNBC’s Jim Cramer said that it was the “kind of stock you want to own”. Cramer admitted that McDonald’s has lagged behind the broader market in 2020 but believes that it is a “very high-quality company”, and pointed to a surge in ‘drive-thru dining’ as a major upside as the pandemic continues. Bank of America is similarly bullish after setting a new 12-month price target of $250 on Monday, which is a new high for Wall Street and 10% higher than the current trading price.
Stifel’s Chris O’Cull noted last week that McDonald’s is outperforming its peers, thanks to its recent menu innovation and pivot to alternative ordering options. He added that traffic levels were strong in September, rising well above those recorded in July and August, which bodes well for the company. Surprisingly, considering the challenges associated with COVID-19, traffic was only down 25% from September a year ago.
While MCD has not made notable share gains this year, it remains in the black to the tune of around 11% since 1st January. The modest gains continued on Monday as shares were up 1.16% at 12:50 pm ET on the Nasdaq. The latest $225.40 share price is higher than the consensus price target of $216.12. MCD currently has 21 buy ratings and eight hold ratings with a consensus at buy.
Starbucks (SBUX) shares also climbed 2% on Monday after Oppenheimer said that the coffee chain should be viewed by investors as an “actionable buy idea”. Analyst Brian Bittner added: “The attractive earnings power that accompanies a sales recovery is now underappreciated by investors”.
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