Truist expects fast food chains to see growth from new menu innovations, promotions
** Truist Securities says fast food chains including Chipotle Mexican Grill CMG.N, Burger King and McDonald's MCD.N are poised for near-term growth following new menu innovations and promotions
** Brokerage adds that the $5 value meals launched early in the summer appear to have contributed to improving sales growth and are seeing strong demand as focus shifts from value to innovative menu additions
** Truist raises price target on CMG to $71 from $69 and expects co to beat Q3 results mainly driven by 'Smoked Brisket' launch, which lifted both traffic and check
** Brokerage lifts MCD's PT to $350 from $295, adding that growth appeared to accelerate throughout the quarter driven by the 'Collectors Meal' promo, building traction with the '$5 Meal Deal' and potential traffic uptick from the new 'Chicken Big Mac' launch
** Expects Wendy's WEN.O to miss quarterly results as sales growth decelerated in September due to a quiet promotional quarter
** Up to Monday's close, CMG up nearly 30% and MCD has risen 4.5% so far this year
Reporting by Ananya Mariam Rajesh in Bengaluru
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