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The Travis Scott Meal “drove a remarkable 400 to 500 basis point lift to same-store sales,” Analyst Alton Stump said.
Jerritt Clark/Getty Images for McDonald’s
Although the Covid-19 pandemic has hurt many restaurants,
McDonald’s
stock is up nearly 13% in 2020, and Longbow Research thinks the fast-food purveyor is continuing to recover—with the help of celebrities.
Analyst Alton Stump reiterated a Buy rating and raised his price target on McDonald’s (ticker: MCD) to $249 from $227 on Thursday. He writes that his latest conversations with franchisees lead him to believe that comparable sales continued to improve throughout August and September, with a sharp pickup last week, thanks to the company’s new meal-deal collaboration.
He writes that comps were up about 5% in the…
