McDonald’s (MCD)

Feb 6, 2023Trade Ideas

McDonald’s (MCD) just pulled back to double bottom support. It’s also been stuck in a tight consolidation pattern for the last few weeks. However, with the bulls returning to the market, and solid sales, we believe MCD could soon break higher.

“Overall, the consumer, whether it’s in Europe or in the U.S., is actually holding up better than what we would have probably expected a year ago or six months ago,” CEO Chris Kempczinski said, as quoted by CNBC.

EPS came in at $2.59, which was better than expectations for $2.45. Revenue came in at $5.93 billion, which was better than expectations for $5.68 billion. MCD also said it saw better than anticipated traffic at domestic stores in the last quarter of 2022.

Helping, analysts at BTIG reiterated a buy on MCD with a $280 target. The firm expects for MCD to benefit from “moderating inflation, carryover pricing, easing lockdowns in China, and foreign exchange finally becoming a modest tailwind,” as also noted by CNBC.

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