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MCD

McDonald's

$189.46

-4.47 (-2.31%)

10:42
11/04/19
11/04
10:42
11/04/19
10:42

McDonald's fired CEO Easterbrook can't work for rival for at least two years

In a regulatory filing, McDonald's disclosed details of its separation agreement with Stephen Easterbrook, who was separated from his officer and director positions with the company, as previously reported. The agreement provides that he will be eligible for the severance benefits contemplated by the company's benefit plans upon a termination of employment. "In consideration for such benefits, Easterbrook has agreed to a release of claims in favor of the company, to cooperate with the company following his termination and to various restrictive covenants, including nonsolicitation of employees and non-interference with business partners for two years post-termination and perpetual confidentiality and nondisparagement covenants. In addition, the separation agreement contains a two-year post-termination noncompetition covenant, which is six months longer and more expansive in scope than Mr. Easterbrook's existing noncompetition covenants," the filing stated. "Competitive Companies," as defined by the company's agreement, shall mean any company in the restaurant industry - whether informal eating-out or ready-to-eat - that competes with the business of McDonald's, including examples such as Arby's, BoJangle's, Burger King/Hungry Jacks, Caffe Nero, Checker's, Chick-fil-A, Chipotle, Costa, Culver's, Denny's, Domino's Pizza, Dunkin' Brands, Five Guys, Greggs, Hardee's, In-N-Out Burger, Jack-in-the-Box, Jamba Juice, Long John Silver's Quick Service Restaurant Holdings, Panera Bread, Papa John's, Popeye's Chicken, Potbelly, Q-doba, Quiznos, Seven-Eleven, Sonic, Starbucks, Subway, Tim Horton's, WaWa, Wendy's, YUM Brands, the filing noted.

MCD McDonald's
$189.46

-4.47 (-2.31%)

11/04/19
FBCO
11/04/19
NO CHANGE
Target $230
FBCO
Outperform
Credit Suisse views any pullback in McDonald's stock as buying opportunity
Credit Suisse analyst Lauren Silberman tells investors in a research note that she thinks McDonald's shares could be under "modest" pressure Monday after the company announced that Steve Easterbrook has separated from the company following the board's determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee. Easterbrook was "highly regarded" in the investment community and among franchisees, and potential concerns of franchisee sentiment regarding new leadership, Silberman says, but adds that McDonald's has a "talented" bench and expects management and the board have a like-minded strategy. She says the management transition does not alter her positive view of the company, and views any material pullback pullback in the stock around the CEO change as a buying opportunity. Silberman maintains an Outperform rating and $230 price target.
11/04/19
LEHM
11/04/19
NO CHANGE
Target $225
LEHM
Overweight
McDonald's should be bought on weakness from CEO change, says Barclays
While the CEO transition announced by McDonald's was unexpected, "and therefore not a good thing," the change was not due to operational or financial issues, but rather personal conduct, Barclays analyst Jeffrey Bernstein tells investors in a research note. The analyst is confident the company has the depth in leadership to maintain momentum as the global quick service restaurant leader. As such, he's a buyer of McDonald's shares on any weakness and keeps an Overweight rating on the name with a $225 price target.
11/04/19
MKMP
11/04/19
NO CHANGE
Target $225
MKMP
Buy
McDonald's price target lowered to $225 from $240 at MKM Partners
MKM Partners analyst Brett Levy lowered his price target on McDonald's to $225 after its abrupt announcement of a CEO change over the weekend. The analyst notes while the developments surrounding the transition may not impact results, the company may suffer from a "psychological impact" and the stock could see some near-term pressure. Levy adds that McDonald's has been under pressure for a couple of months now, and the transition will not "ease any recent concerns".
11/04/19
11/04/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. McDonald's (MCD) downgraded to Neutral from Overweight at Piper Jaffray with analyst Nicole Miller Regan saying while the company's fundamentals are solid, CEO changes "of this magnitude tend to be disruptive." 2. Verizon (VZ) downgraded to Neutral from Buy at Nomura Instinet with analyst Jeffrey Kvaal saying AT&T's (T) new price reductions, and T-Mobile's (TMUS) likely response, reduces visibility into Verizon's near-term growth trajectory. 3. Delphi Technologies (DLPH) downgraded to Equal Weight from Overweight at Barclays with analyst Brian Johnson saying the company's Q3 results, while not terrible," introduced a "handful of warning signals" that give pause when thinking through the company's transition path over the next two years. 4. Papa John's (PZZA) downgraded to Hold from Buy at Jefferies with analyst Alexander Slagle saying the company is on the path to recovery, but the stock now reflects this trajectory as well as the potential for its same-store-sales to turn modestly positive in Q4 and 2020. 5. Harley-Davidson (HOG) downgraded to Underweight from Sector Weight at KeyBanc with analyst Brett Andress citing dealer checks, deteriorating new and used conditions and a lack of near-term catalysts for the downgrade. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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