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

Published 31/10/2023, 17:51
© Reuters.  These Analysts Revise Their Forecasts On McDonald's Following Q3 Results
MCD
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Benzinga - by Lisa Levin, Benzinga Editor.

McDonald's Corp (NYSE: 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.
Also Check This Out: Top 3 Consumer Stocks That Could Sink Your Portfolio In Q4

Latest Ratings for MCD

DateFirmActionFromTo
Mar 2022Northcoast ResearchDowngradesBuyNeutral
Jan 2022BarclaysMaintainsOverweight
Jan 2022KeybancMaintainsOverweight
View More Analyst Ratings for MCD

View the Latest Analyst Ratings

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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