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MCD

McDonald's

, BOJA

Bojangles

$12.75

0.2 (1.59%)

09:22
10/13/17
10/13
09:22
10/13/17
09:22

McDonald's 'can outperform for several more years,' says Goldman Sachs

Goldman Sachs analyst Karen Holthouse says historical analysis indicates that McDonald's (MCD) can continue to outperform and gain market share at the expense of regional competitors. According to the analyst, after fast food companies underperform for three quarters, they go on to underperform for an average of 4.6 years. Seven of McDonald's "key competitors...are relatively early in these cycles of underperformance," the analyst wrote. However, Holthouse believes that the risk to Wendy's (WEN) and Restaurant Brands' (QSR) Burger King from McDonald's rebound "may be overstated," since Burger King and Wendy's would only have to gain 30 basis points of share from other fast food players to offset a 5% comp sales gain by McDonald's, according to the analyst. The analyst trimmed her price target on McDonald's to $172 from $174, citing a "modeling error." She cut her price target on Bojangles (BOJA) to $12.50 from $14.50 and lowered her fiscal 2018 comp sales estimates for Bojangles, Dunkin' Brands (DNKN), and Restaurant Brands, citing the latter company's ownership of Popeye's. She sees Bojangle's, Jack in the Box (JACK), and Dunkin Brands as having the most risk, in order from greatest to least, from McDonald's resurgence.

MCD

McDonald's

BOJA

Bojangles

$12.75

0.2 (1.59%)

DNKN

Dunkin' Brands

$56.55

0.65 (1.16%)

QSR

Restaurant Brands

JACK

Jack in the Box

$99.39

-0.83 (-0.83%)

WEN

Wendy's

$15.41

-0.21 (-1.34%)

BK

BNY Mellon

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MCD McDonald's

10/13/17
RBCM
10/13/17
NO CHANGE
RBCM
McDonald's initiatives 'creating momentum,' says RBC Capital
RBC Capital analyst David Palmer says that McDonald's "many initiatives" are "creating momentum." The analyst expects the company's U.S. same-store sales to jump 4% in Q4, and he raised his 2018 EPS estimate for the company to $7. Calling the company "a sustainable growth story," Palmer keeps an Outperform rating on the shares.
10/12/17
GSCO
10/12/17
NO CHANGE
GSCO
Goldman Sachs Tactical Trades ahead of earnings
Goldman analysts led by John Marshall highlight some of the firm's most out-of-consensus opportunities ahead of the earnings season. The firm sees potential for upward earnings revisions to drive share upside in Caterpillar (CAT), ENGlobal (ENTG), McDonald's, (MCD) and Netflix (NFLX) and downwards earnings revisions to drive downside in Grainger (GWW), Cree (CREE), and Tesla (TSLA).
10/11/17
CLVD
10/11/17
NO CHANGE
CLVD
Buy
McDonald's 'firing on all cylinders,' says Cleveland Research
Cleveland Research analyst Steven Gojak said industry research is incrementally more positive on McDonald's strategy, execution, and comp outlook for the US over the next 12-18 months. He believes new value initiatives, delivery expansion, digital/mobile investments, food quality improvements, and store remodels will drive sustainable comp upside. Gojak said McDonald's is "firing on all cylinders" and reiterates a Buy rating.
10/11/17
SPHN
10/11/17
DOWNGRADE
Target $14
SPHN
Equal Weight
Bojangles downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Will Slabaugh downgraded Bojangles (BOJA) to Equal Weight from Overweight, saying he expects larger QSR brands with big marketing budgets - such as McDonald's (MCD), Wendy's (WEN) and Restaurant Brands (QSR) - to be the largest beneficiary of macro trends that will negatively impact Bojangles. He lowered his price target on the stock to $14 from $18.
BOJA Bojangles
$12.75

0.2 (1.59%)

10/02/17
STFL
10/02/17
INITIATION
STFL
Hold
Bojangles resumed coverage with a Hold at Stifel
Stifel analyst Chris O'Cull resumed coverage of Bojangles with a Hold rating and $16 price target.
03/14/17
03/14/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Herbalife (HLF) initiated with a Neutral at Citi. 2. OPKO Health (OPK) initiated with a Buy at Guggenheim. 3. Bojangles (BOJA) initiated with an Outperform at Cowen. 4. Sturm, Ruger (RGR) initiated with a Hold at Wunderlich. 5. Wayfair (W) initiated with an Overweight at Stephens. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/28/17
WBLR
07/28/17
DOWNGRADE
WBLR
Market Perform
Bojangles downgraded to Market Perform from Outperform at William Blair
William Blair analyst Sharon Zackfia downgraded Bojangles to Market Perform citing continued negative comp trends following the company's Q2 results.
DNKN Dunkin' Brands
$56.55

0.65 (1.16%)

10/11/17
CLVD
10/11/17
NO CHANGE
CLVD
Neutral
Dunkin' Brands outlook remains cautious, says Cleveland Research
Cleveland Research analyst Steven Gojak said industry research indicates Dunkin' Brands Group's US comp momentum moderated towards the end of Q3 due to competition, mixed performance on value deals, tougher comps, and weather. As a result, Gojak lowered his Q3 comp estimate to up 1% from up 1-1.5% and now expects 2017 comps at up 6%, in line with consensus. The analyst has a Neutral rating on shares.
08/16/17
CLVD
08/16/17
NO CHANGE
CLVD
Neutral
Dunkin' Brands long-term outlook remains cautious, says Cleveland Research
Cleveland Research analyst Steven Gojak said the tone of recent research indicates some Q3 comp improvement, which is somewhat surprising given difficult comps, slower end market momentum in food, and competition. Gojak said Dunkin's outlook for the next few years remains cautious given competitive pressures, current price/value concerns, inconsistent innovation pipeline, and mixed mobile/digital progress. The analyst has a Neutral rating on Dunkin' Brands.
07/27/17
JEFF
07/27/17
NO CHANGE
Target $48
JEFF
Underperform
Dunkin' Brands shares should continue to be avoided, says Jefferies
Jefferies analyst Andy Barish calls Dunkin' Brands' Q2 earnings beat "low quality" since same-store-sales and unit growth were again light of expectations. The analyst continues to recommend avoiding the shares as the company transitions. He believes the valuation may compress and reiterates an Underperform rating on Dunkin' with a $48 price target.
07/24/17
BARD
07/24/17
NO CHANGE
Target $63
BARD
Outperform
Dunkin near-term comps have more downside risk than upside potential, says Baird
Baird analyst David Tarantino said he sees more downside risk than upside potential for Dunkin' Brands Q2 comps. He does remain comfortable with 2017 earnings, however, and thinks management has a good game plan in place to deliver better top-line momentum in upcoming quarters. Tarantino reiterated his Outperform rating and $63 price target on Dunkin' Brands shares.
QSR Restaurant Brands

09/07/17
FBCO
09/07/17
UPGRADE
Target $74
FBCO
Outperform
Restaurant Brands upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Jason West upgraded Restaurant Brands to Outperform and increased its price target to $74 from $60 saying shares are undervalued and don't fully capture above average unit growth, improving cost of capital, low tax rate, and low capex. West's checks suggest Tim Hortons is stabilizing and franchisee concerns around supply chain and other issues seems to be waning. Further, the analyst sees catalysts from the Decmber paydown of 9% preferred stock, accelerating Popeye's growth, and a material capital return event in 2018 such as a special dividend.
08/22/17
UBSW
08/22/17
NO CHANGE
Target $68
UBSW
Buy
Restaurant Brands called a top pick at UBS
UBS analyst Dennis Geiger said Restaurant Brands is well positioned to beat earnings forecasts and second half same store sales should improve along with franchisee sentiment. He believes its strong free cash flow generation supports future acquisitions along with either dividend increases or share buybacks. Geiger reiterated his Buy rating and $68 price target on the stock and raised Restaurant Brands shares to a top pick.
09/26/17
09/26/17
DOWNGRADE
Target $14

Neutral
Habit Restaurants downgraded to Neutral at Wedbush
As previously reported, Wedbush analyst Nick Setyan downgraded Habit Restaurants (HABT) to Neutral from Outperform saying he expects continued positive trends in Restaurant Brands (QSR) to pressure comp trends at the former, creating risk to current margin expectations and guidance. The analyst also lowered his price target on Habit's shares to $14 from $19.
JACK Jack in the Box
$99.39

-0.83 (-0.83%)

10/04/17
TLSY
10/04/17
UPGRADE
TLSY
Outperform
Jack in the Box upgraded to Outperform from Market Perform at Telsey Advisory
10/02/17
STFL
10/02/17
INITIATION
STFL
Hold
Jack in the Box initiated with a Hold at Stifel
Stifel analyst Chris O'Cull initiated Jack in the Box with a Hold rating and $105 price target.
10/04/17
TLSY
10/04/17
UPGRADE
TLSY
Outperform
Jack in the Box upgraded on improved focus at Telsey Advisory
As noted earlier, Telsey upgraded Jack in the Box to Outperform from Market Perform. Analyst Bob Derrington says that the company is "increasing its focus" on "improving..its business trends." The analyst predicts that the company's SSS will rebound in fiscal 2018, driven by what he sees as its "more craveable menu line-up." Target remains $118.
10/04/17
10/04/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Toyota (TM) upgraded to Buy from Neutral at Citi with analyst Arifumi Yoshida saying he believes Toyota's market share in the U.S. is recovering and thinks its development trends in all-solid-state batteries can drive multiple expansion. 2. Sanchez Energy (SN) upgraded to Neutral from Sell at Seaport Global with analyst Mike Kelly citing valuation. 3. Jack in the Box (JACK) upgraded to Outperform from Market Perform at Telsey Advisory with analyst Bob Derrington saying the company is "increasing its focus" on "improving its business trends." 4. Lennar (LEN) upgraded to Buy from Neutral at MKM Partners with analyst Megan McGrath saying she believes that its margins are stabilizing. 5. Dollar Tree (DLTR) upgraded to Buy from Neutral at Cleveland Research with analyst Scott Bender saying checks indicate Family Dollar trends have improved "noticeably" in the third quarter driven by a combination of company specific initiatives including remodels, merchandising changes, and operational improvements, and a general improvement in dollar channel sales trends. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
WEN Wendy's
$15.41

-0.21 (-1.34%)

09/15/17
LBOW
09/15/17
UPGRADE
LBOW
Buy
Wendy's upgraded to Buy from Neutral at Longbow
09/15/17
09/15/17
UPGRADE

Buy
Wendy's upgraded to Buy following solid comp checks at Longbow
As previously reported, Longbow upgraded Wendy's to Buy from Neutral with a $18 price target. Analyst Alton Stump's checks with US franchisees indicate Q3 domestic franchised comps are up in a 3.0-3.5% range to date, above his prior estimate of 2.5%, as well as consensus at up 2.4%. The analyst is confident Wendy's will beat Q3 same-store sales growth estimates and expects the same in Q4. Further, Wendy's could generate over $300M of cumulative free cash flow in the 2017-2019 time frame taht could be sued to purchase as much as 15% of shares by the end of 2019, the analyst wrote in a note to investors.
10/02/17
STFL
10/02/17
INITIATION
STFL
Buy
Wendy's resumed coverage with a Buy at Stifel
Stifel analyst Chris O'Cull resumed coverage of Wendy's with a Buy rating and $18 price target.
BK BNY Mellon

09/08/17
UBSW
09/08/17
DOWNGRADE
UBSW
Neutral
BNY Mellon downgraded to Neutral from Buy at UBS
08/09/17
WELS
08/09/17
INITIATION
Target $55
WELS
Market Perform
BNY Mellon initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Mike Mayo started BNY Mellon with a Market Perform rating and $55 price target.
05/26/17
BOFA
05/26/17
INITIATION
Target $49
BOFA
Underperform
BNY Mellon reinstated with an Underperform at BofA/Merrill
BofA/Merrill analyst Michael Carrier reinstated coverage on BNY Mellon with an Underperform and a $49 price target given low revenue growth outlook.
04/13/17
DBAB
04/13/17
NO CHANGE
DBAB
Deutsche recommends long BNY Mellon, short State Street pair trade
Ahead of earnings reports from the brokers, asset managers and exchanges, Deutsche Bank analyst Brian Bedell recommends a pair trade to go long BNY Mellon (BK) versus short State Street (STT), as he sees NY Mellon narrowly beating consensus while he expects State Street to post a slight miss and also predicts downward revisions to 2017. Bedell keeps a Buy rating on BNY Mellon and a Hold rating on State Street.

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