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Wells Fargo upgrades McDonald’s on product value, innovation benefits
Summary
‘Burger giant McDonald’s (NYSE: MCD) received a rating upgrade from brokerage Wells Fargo. The broker upgraded MCD to ‘overweight’, leading to a 1% gain in the stock’s price on September 7, 2023.
The broker is also positive on KFC’s parent company Yum Brands (NYSE: YUM) as it believes both MCD and YUM are “well-positioned to weather a storm”. The storm here refers to a probable decline in consumer spending amid rising interest rates, gas prices and looming student loan payments.
As per Refinitiv data, McDonald’s has a mean recommendation rating of 2 on a scale of one to five. Here, one signifies a ‘strong buy’ rating, while five represents a ‘strong sell’ rating. This rating is a cumulative result of the ratings given by 39 analysts.
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