Arcos Dorados (ARCO) Rating Increased to Buy at Zacks Investment Research
Arcos Dorados (NYSE:ARCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage presently has a $11.00 price target on the restaurant operator’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.13% from the stock’s previous close.
According to Zacks, “Arcos Dorados Holdings Inc. operates as a franchisee of McDonald’s with its operations divided in Brazil; North Latin America division; South Latin America and the Caribbean division. It also runs quick service restaurants in Latin America and the Caribbean. It has operations in territories in Latin America and the Caribbean, including Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curaçao, Ecuador, French Guiana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, Uruguay, the U.S. Virgin Islands of St. Croix and St. Thomas, and Venezuela. Arcos Dorados Holdings Inc. is headquartered in Buenos Aires, Argentina. “
Several other equities analysts have also weighed in on the stock. BidaskClub upgraded shares of Arcos Dorados from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 14th. HSBC started coverage on shares of Arcos Dorados in a research report on Wednesday, November 15th. They set a “buy” rating and a $12.00 price objective for the company. Finally, TheStreet upgraded shares of Arcos Dorados from a “c+” rating to a “b” rating in a research report on Tuesday, November 21st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $10.90.
A number of institutional investors and hedge funds have recently modified their holdings of ARCO. Victory Capital Management Inc. raised its position in Arcos Dorados by 4.1% during the second quarter. Victory Capital Management Inc. now owns 494,589 shares of the restaurant operator’s stock valued at $3,685,000 after acquiring an additional 19,293 shares in the last quarter. Engineers Gate Manager LP raised its position in shares of Arcos Dorados by 8.3% in the second quarter. Engineers Gate Manager LP now owns 61,724 shares of the restaurant operator’s stock valued at $460,000 after purchasing an additional 4,738 shares during the period. CIBC World Markets Inc. bought a new position in shares of Arcos Dorados in the second quarter valued at approximately $3,182,000. Wells Fargo & Company MN raised its position in shares of Arcos Dorados by 2.4% in the second quarter. Wells Fargo & Company MN now owns 24,201 shares of the restaurant operator’s stock valued at $180,000 after purchasing an additional 570 shares during the period. Finally, Teachers Advisors LLC raised its position in shares of Arcos Dorados by 30.0% in the second quarter. Teachers Advisors LLC now owns 10,684,536 shares of the restaurant operator’s stock valued at $79,600,000 after purchasing an additional 2,465,110 shares during the period. 36.59% of the stock is currently owned by hedge funds and other institutional investors.
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Arcos Dorados Company Profile
Arcos Dorados Holdings Inc is a McDonald’s franchisee. The Company operates or franchises over 2,140 McDonald’s-branded restaurants. It divides its operations into four geographical divisions: Brazil; the Caribbean division, consisting of Aruba, Colombia, Curacao, French Guiana, Guadeloupe, Martinique, Puerto Rico, Trinidad and Tobago, the United States Virgin Islands of Saint Croix and Saint Thomas, and Venezuela; the North Latin America division (NOLAD), consisting of Costa Rica, Mexico and Panama, and the South Latin America division (SLAD), consisting of Argentina, Chile, Ecuador, Peru and Uruguay.
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