Cowen raised its rating on McDonald's shares to outperform from market perform because of the technology upgrades, which are slated for the fast-food chain's restaurants this year.
McDonald's shares rallied 26 percent this year through Monday compared to the S&P 500's 10 percent return.
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. The technology upgrades, part of what McDonald's calls "Experience of the Future," includes digital ordering kiosks that will be offered in 2,500 restaurants by the end of the year and table delivery.
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