KeyBanc lowered the firm’s price target on McDonald’s (MCD) to $320 from $330 and keeps an Overweight rating on the shares. The firm notes McDonald’s stock is down about 10% since late October. This underperformance is indicative of a sentiment shift away from highly franchised, rate-sensitive, global fast food names like McDonald’s, in favor of domestic full service names, which may have had more EPS upside as consumer confidence rose. It also reflects the sales impact from an E. coli outbreak in the fall, which KeyBanc suspects is not entirely in the rearview mirror.
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