{"id":7336,"date":"2023-10-31T00:33:32","date_gmt":"2023-10-31T00:33:32","guid":{"rendered":"https:\/\/infundpros.com\/investment\/mcdonalds-set-up-well-for-2024-as-digital-sales-restaurant-growth-ramp-up-wells-fargo\/"},"modified":"2023-10-31T00:33:32","modified_gmt":"2023-10-31T00:33:32","slug":"mcdonalds-set-up-well-for-2024-as-digital-sales-restaurant-growth-ramp-up-wells-fargo","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7336","title":{"rendered":"McDonald\u2019s set up well for 2024 as digital sales, restaurant growth, ramp up: Wells Fargo"},"content":{"rendered":"
\n

McDonald\u2019s Corp., which reported better-than-expected third-quarter results before market open Monday, is well positioned for 2024, according to Wells Fargo.<\/p>\n

\u201cCatalysts are coming,\u201d Wells Fargo analyst Zachary Fadem wrote in a note released mid-morning Monday, citing easing November compares ahead of McDonald\u2019s
\n MCD,
\n +1.72%<\/bg-quote>
\n December analyst event, as well as long-term restaurant growth.<\/p>\n

\n

\u201cDespite a lukewarm response, we see a solid\u00a0MCD\u00a0setup into FY24,\u201d Fadem added. \u201cRates & slowing comps are headwinds, but share gains are evident.\u201d<\/p>\n

Related:<\/strong> McDonald\u2019s stock climbs after earnings and sales rise above expectations<\/p>\n

Fadem noted that McDonald\u2019s\u00a0maintained quick service restaurant (QSR) traffic share with gains in beef and chicken. Additionally, the company\u2019s service times improved by 9 seconds during the quarter. The analyst also pointed to McDonald\u2019s growing number of restaurants, with 397 net new units in the third quarter implying \u201ca big step up\u201d to around 577 net adds in the fourth quarter.<\/p>\n

Fadem also highlighted McDonald\u2019s initiatives, such as its digital sales push and its Best Burger strategy, which is now in 70 markets with \u201cencouraging early results.\u201d Digital sales in McDonald\u2019s top 6 markets were nearly $9 billion, up from nearly $7 billion in the same period last year, and from over $8 billion in the second quarter, Fadem noted. The analyst also explained that 90-day active loyal customers in McDonald\u2019s top 6 markets rose to over 57 million, up from 52 million customers in the second quarter.<\/p>\n

Set against this backdrop, Wells Fargo maintained its overweight rating for McDonald\u2019s. Of 36 analysts surveyed by FactSet, 27 have an overweight or buy rating and nine have a hold rating for McDonald\u2019s.<\/p>\n

Related: <\/strong>McDonald\u2019s CEO says earnings results prove that \u2018difficult times\u2019 for consumers can be a good thing<\/p>\n

McDonald\u2019s shares rose 2% Monday, outpacing the S&P 500 index\u2019s
\n SPX
\n gain of 1.3%, boosted by the fast-food restaurant giant\u2019s better-than-expected third-quarter earnings and sales.<\/p>\n

Earlier this month, McDonald\u2019s stock\u00a0suffered its longest weekly losing streak\u00a0in four years amid consumer-spending worries.<\/p>\n

However, McDonald\u2019s and rival Chipotle Mexican Grill Inc.
\n CMG,
\n +1.15%<\/bg-quote>
\n are outperforming the broader dining sector,\u00a0according to recent foot-traffic data from analytics company Placer.ai. Last week Chipotle kicked off restaurant earnings season with strong third-quarter results.<\/p>\n

Related: <\/strong>McDonald\u2019s and Chipotle set to continue dominance amid consumer-spending worries, research shows<\/p>\n

McDonald\u2019s shares have fallen 1% in 2023, compared with the S&P 500 index\u2019s gain of 8.6%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

McDonald\u2019s Corp., which reported better-than-expected third-quarter results before market open Monday, is well positioned for 2024, according to Wells Fargo. \u201cCatalysts are…<\/p>\n","protected":false},"author":1,"featured_media":4726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-7336","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nMcDonald\u2019s set up well for 2024 as digital sales, restaurant growth, ramp up: Wells Fargo | inFundPros<\/title>\n<meta name=\"description\" content=\"McDonald\u2019s Corp., which reported better-than-expected third-quarter results before market open Monday, is well positioned for 2024, according to Wells\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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