大行評級|摩根大通:下調麥當勞目標價至270美元 維持“增持”評級
摩根大通的研究報吿指,麥當勞的股價在公佈業績後升3.7%,美國業務並沒有傳言中的差,而且因顧客的消費下降,超值產品的的措施似乎有助於顧客流量。該行指,麥當勞的品牌確實具有引人注目的價值,但其面向的是可以在手機應用程式上獲取特價商品的用户。已知的數碼交易在全球佔25%,在美國佔20%,這意味大多數的顧客並未收到這些數碼優惠。麥當勞手機程式是一種非常理想的與個別顧客溝通的方式,卻無法觸及75%至80%的顧客,這些顧客通常都是透過drive-through、第三方外賣,或在店內使用自助服務終端及收銀機點餐,而沒有使用麥當勞手機程式簽到以領取獎勵。該行認為,超值套餐的關鍵為專注在目前價格較低的產品,以推動超值觀念,同時保護核心產品的定價與品牌資產。該行將麥當勞目標價從290美元下調至270美元,維持“增持”評級。
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