Oppenheimer raises price target on ‘top pick’ McDonald’s to $315

Oppenheimer raised the firm’s price target on McDonald’s to $315 from $304 and keeps an Outperform rating on the shares. The analyst says McDonald’s remains a "top pick" despite the shares elevating to all-time highs. An updated analysis highlights McDonald’s "as one of the rarities" in the restaurant group given its "resilient" business model and "unique protection" to financial forecasts if the macro environment unexpectedly deteriorates, the analyst tells investors in a research note. The firm sees "emerging catalysts" via the company’s accelerating unit growth algorithm and leaner spending strategy, which it feels is not properly reflected in consensus estimates. McDonald’s strengthening fundamentals, faster growth and candidacy for positive earnings revisions "keeps us attracted," writes Opco.