McDonald's Corp (NYSE:MCD) reported better-than-expected second-quarter results.
McDonald's reported second-quarter FY23 sales growth of 13.6% year-on-year to $6.50 billion, beating the analyst consensus of $6.29 billion. Adjusted EPS of $3.17 beat the analyst consensus of $2.79.
McDonald's sees FY23 operating margin of 45%; Capital expenditure of $2.2 billion – $2.4 billion.
McDonald's shares rose 1.2% to close at $295.19 on Thursday, and added 0.3% in today’s pre-market trading session.
These analysts made changes to their price targets on McDonald's following earnings announcement.
- Barclays boosted the price target on McDonald's from $330 to $345. Barclays analyst Jeffrey Bernstein maintained an Overweight rating.
- Citigroup increased the price target on McDonald's from $308 to $317. Citigroup analyst Jon Tower maintained a Neutral rating.
- Baird raised McDonald's price target from $320 to $330. Baird analyst David Tarantino maintained an Outperform rating.
- Wedbush analyst Nick Setyan, meanwhile, reiterated McDonald's with an Outperform and maintained a $330 price target.
- Stephens & Co. analyst Joshua Long reiterated McDonald's with an Overweight and maintained a $325 price target.
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