(CercleFinance.com) – McDonald’s shares show one of the biggest drops in the Dow Jones index on Tuesday on the New York Stock Exchange, penalized by a note from Wells Fargo which says it is cautious about the valuation of the world number one fast food.
About an hour after the start of trading, the title lost 1.3%, while the Dow Jones lost 0.3% at the same time.
In a study devoted to the American restaurant sector, Wells Fargo points out that its caution contrasts with the consensus of analysts, which shows positive recommendations in nearly 75% of cases.
The Californian bank explains that this optimism is based on the prospect of an acceleration in the group’s growth, while it says it is more cautious about the group’s situation in Europe.
In this context, Wells Fargo initiates the coverage of the title to ‘weight in line’ with a target price of 280 dollars.
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