Depends on company SOPs. The alternative is to set the MCP alt to MDA just before the final fix. The autopilot will then capture the MDA and as soon as it goes ALT HOLD you can set the MCP to missed app altitude then press TOGA. With this procedure there is no need for an increment to MDA since the ALT ACQ flare will begin above the MDA set in the MCP. However once it goes ALT ACQ if you are not already visual you are committed to going around.
A couple of gothcas.
If you alter the MCP altitude before ALT HOLD you may bust minima.
If there is a published missed approach point, you should not fly level beyond it.