Truist raised the firm’s price target on McDonald’s to $350 from $295 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results for Limited-Service Restaurants. Truist Card Data suggests that y/y growth appeared to accelerate throughout the quarter, driven by easing compares, a successful ‘Collectors Meal’ promo and building traction with the ‘$5 Meal Deal’ , the analyst tells investors in a research note. The firm also cites the company having launched a ‘Chicken Big Mac’ this month, which should drive significant consumer interest and potentially traffic.
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