RBC Capital raised the firm’s price target on McDonald’s to $340 from $325 and keeps an Outperform rating on the shares after its Q2 earnings beat. The company delivered another strong quarter and remains well-positioned as its strong marketing and operations focus drive continued share gains amid broader industry strength, but the valuation has also become “more demanding” with the stock now trading at 23.5-times expected forward earnings, the analyst tells investors in a research note.
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