McDonald’s Snack Wraps, McCrispy Strips Win Over Goldman Sachs As Burger Chain Scores ‘Buy’ Rating
Synopsis
Earlier this week, Citi and Truist reaffirmed their 'buy' ratings on McDonald's shares.
Goldman Sachs upgraded its rating on McDonald's (MCD) shares to 'Buy' from 'Neutral' on Thursday, citing a positive response to its new menu items and other growth initiatives.
The firm maintained its price target at $345, suggesting an 18% upside to the last close, according to The Fly.
McDonald's stock rose 1.3% in premarket trading. As of their last close, shares are up 0.7% year-to-date.
The research firm expects McDonald's to use its "marketing power" to elevate consumer awareness around its new menu offerings to generate traffic.
Analysts have noted recently that McDonald's value offerings, such as "Buy One, Add One for $1" and new menu items, including the McCrispy Strips, Snack Wraps, and Real Lemonade, are drawing interest.
Earlier this week, Citi and Truist reaffirmed their 'buy' ratings on McDonald's shares.
On Stocktwits, the retail sentiment shifted to 'neutral' from 'bearish' the previous day.
Goldman Sachs, which last month also rated peer Yum Brands' shares a 'Buy,' said McDonald's also stands to benefit from store expansion.
McDonald's plans to open 900 additional outlets within the next two years. In May, it announced plans to hire 375,000 to service summer-time demand at its U.S. joints.
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