McDonald’s (MCD) stock rose 2.5% in midday trading, the biggest hike in more than two months for the burger giant, after Longbow Research upgraded the stock to buy from neutral and said Q3 comparable sales were ahead of estimates.

McDonald’s is expected to report Q3 comp sales of 4% to 4.5%, said analyst Alton Stump, which would exceed the consensus of 3.4%. He said franchise owners are crediting new menu items such as the Sriracha Big Mac and specialty sandwiches for a boost in sales.

“Beyond positive trends for the current quarter, we believe the shares of MCD deserve to trade above the company’s own historical multiples in light of its ongoing turnaround story both in the U.S. and internationally,” Stump wrote.

Longbow set a price target of $183, a 17% upside from the Thursday opening of $156.


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