巴克莱-美股-餐饮业-美国餐馆业2018年展望-2018.1.16-65页

EquityResearch16January2018BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE59.U.S.Restaurants2018Outlook;CatalyststoStart…MCD&CasualDinersBestPositionedWeexpecttherestaurantsectorwillcontinuetooutperformtheS&Pinthefirsthalfof’18,similartothecloseof’17.Butwithoutacceleratingfundamentals,suchwilllikelyproveshort-lived.QSR’shavebeenrelativestockoutperformers,moreresilientoncompgrowth,whilemoreinsulatedfromcostpressures.Suchiswellunderstood.OurTopPickremainsMcDonald’s(MCD),andwithcompmomentumbuilding,