Arcos Dorados price target raised to $14.50 from $12.50 at BofA

BofA raised the firm’s price target on Arcos Dorados to $14.50 from $12.50 and keeps a Buy rating on the shares. After incorporating Q3 results into the firm’s forecast, BofA is raising estimates on sales strength and operating leverage, the analyst tells investors in a research note. While sales growth should moderate on tougher comps and an Argentine recession, consumption in most other LatAm economies is forecast to improve and the firm looks for remodels and industry dislocation to create market share opportunities, the analyst added.