Loop Capital Reiterates Buy Rating on McDonald's (MCD)

Loop Capital analyst Alton Stump reiterated a Buy rating and $342.00 price target on McDonald's (NYSE: MCD).

The analyst commented: 'Our latest McDonald’s U.S. franchisee checks indicate same-store sales growth came in ahead of expectations in 3Q. We completed our latest round of checks with U.S. franchisees for McDonald’s. Per our contacts, same-store sales remained up 1.5-2.0% during the last three weeks of 3Q and the first two plus weeks of 4Q. This implies same-store sales came in line with our 3Q estimate for 1.5% growth but ahead of consensus at flat. While it is of course still very early in 4Q 1.5-2.0% growth QTD is tracking below our prior full-4Q estimate for 4.0% growth but slightly ahead of consensus at up 1.3%. On a 2-year stacked basis 1.5-2.0% growth in 3Q24 equates to a gain of 9.6-10.1%, flat to up modestly versus MCD’s reported 2-year stacks of 9.6% in 2Q24. However, implied 3-year stacks of 15.7-16.2% represents a meaningful acceleration from MCD’s reported 3-year stacks of 13.3% in 2Q. We are maintaining our BUY rating and PT of $342 on MCD, based on 18x our 2025 EV/EBITDA estimate."

For an analyst ratings summary and ratings history on McDonald's click here. For more ratings news on McDonald's click here.

Shares of McDonald's closed at $314.70 yesterday.

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