McDonald’s (MCD) returning to its winning ways would be a much-needed development for the Dow Jones Industrial Average, CNBC’s Jim Cramer said.
returning to its winning ways would be a much-needed development for the Dow Jones Industrial Average, CNBC's Jim Cramer said Thursday, particularly in September, a historically weak month on Wall Street.
Since the start of July, McDonald's has been among the worst-performing members of the 30-stock blue-chip Dow, down more than 7% entering Thursday's session. But, on Thursday, shares of the fast-food giant rose roughly 1%, on pace to snap a four-day skid. The advance comes after Wells Fargo upgraded McDonald's to a buy-equivalent rating, saying the company's"innovation engine is firing on all cylinders." The analysts kept their $310-per-share price target, a 12.
"I think that this could matter," Cramer said on"Squawk on the Street," referring to Wells Fargo's bullish call."It's a stock to watch because, if you can get a little momentum in the Dow, maybe it can separate some from the Nasdaq. It's happened before in September."
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