"Stability is very attractive when in times of industry distress but in the current robust demand environment, stability acts as a governor on upside leverage," the investment firm said. "Given our expectation that U.S. same store sales growth - which tend to drive the multiple - will decelerate, we do not see an argument for significant multiple expansion ahead."
BofA expects McDonald's to post same store sales growth of 3%-4% over time, but there could be downside risk if consumers move spending back to full service.
Price: 236.36, Change: -2.46, Percent Change: -1.03
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