Analyst Note: Quick-Serve Restaurants
Goldman Sachs Sees Recent Restaurant Falloff As Good Time to Buy McDonald's, Yum Brands
A Goldman Sachs analyst on Tuesday said quick-serve restaurants are the best opportunity for investors within the restaurant sector, and upgraded McDonald's Corp., the No. 1 burger chain, and Yum Brands Inc., operator of fast-food chains including KFC, Taco Bell and Pizza Hut.
Analyst Steven T. Kron said McDonald's and Yum Brands have "attractive entry points" due to the recent fall-off in the sector -- the Goldman Sachs restaurant index is down 17 percent in the second quarter.
"These companies boast global diversification, free cash flow flexibility, and a proven sales approach (dual-platform menu simultaneously offers economizing consumers value and core menu items) that we believe are strong assets in a challenging economic environment," Kron said in a July 17 research note.
He upgraded both companies to "Buy" from "Neutral."
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Source - AP
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