McDonald's Corp. was upgraded to buy from neutral at Nomura, a reflection of the bank's belief in the fast-food giant's same-store sales momentum, it said in a note published Monday. Nomura raised McDonald's price target to $135 from $112. "If McDonald's achieves a 3.5% same-store sales figure for its domestic business in Q4 2015, this would mark the best showing in this regard in the last 14 quarters," the note said. The bank's fourth-quarter channel checks indicate strong same-store sales across the quick-service burger sector. McDonald's was also helped by the October introduction of the all-day breakfast menu. McDonald's shares closed Monday down 0.5%, but they're up 26% over the past 12 months. The S&P is down 2.2% over the past 12 months.
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