McDonald’s set up for 2024 as digital, restaurant growth, ramp up: Wells Fargo

“We see a solid MCD setup into FY24,” says Wells Fargo analyst Zachary Fadem

McDonald’s Corp., which reported better-than-expected third-quarter results before market open Monday, is well positioned for 2024, according to Wells Fargo.

“Despite a lukewarm response, we see a solid MCD setup into FY24,” Fadem added. “Rates & slowing comps are headwinds, but share gains are evident.”Fadem noted that McDonald’s maintained quick service restaurant traffic share with gains in beef and chicken. Additionally, the company’s service times improved by 9 seconds during the quarter.

Set against this backdrop, Wells Fargo maintained its overweight rating for McDonald’s. Of 36 analysts surveyed by FactSet, 27 have an overweight or buy rating and nine have a hold rating for McDonald’s. McDonald’s shares rose 2% Monday, outpacing the S&P 500 index’s SPX gain of 1.3%, boosted by the fast-food restaurant giant’s better-than-expected third-quarter earnings and sales.

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