Morgan Stanley raised the firm’s price target on McDonald’s (MCD) to $326 from $324 and keeps an Equal Weight rating on the shares. With industry demand improved, the firm sees a likely better quarter for restaurants and food distributors than Q1, the analyst tells investors in a research note. Ongoing policy noise remains a risk but middle/upper income customer cohorts remain solid, and costs are mostly benign, the firm argues. Morgan Stanley adds that McDonald’s probably took share in Q2 and has clearer second half drivers.
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