McDonald's Corp. stock price hit an all-time high as Wall Street reportedly cheered the replacement of cashiers with kiosks.
Cowen says McDonald's will upgrade 2,500 restaurants to its "Experience of the Future" technology by year-end, which includes digital ordering kiosks, CNBC reported.
The firm also raised its rating on McDonald's to outperform from market perform and price target for the shares to $180 from $142.
McDonald's shares rallied 26 percent this year through Monday compared to the S&P 500's 10 percent return. Near midday McDonald’s shares were at $154 after earlier hitting $ 155.28.
Andrew Charles from Cowen cited plans for the restaurant chain to roll out mobile ordering across 14,000 U.S. locations by the end of 2017, CNBC explained.