McDonald’s price target lowered to $280 from $297 at Citi

Citi lowered the firm’s price target on McDonald’s to $280 from $297 and keeps a Neutral rating on the shares. Shares of McDonald’s have underperformed the benchmark by 33% year-to-date and despite recent bullish inquiries on the name around valuation, the Q2 results and outlook “will offer little by way of positive updates to reverse this trend” in the near-term, the analyst tells investors in a research note. The firm believes McDonald’s U.S. will require more time, marketing dollars and innovation to turn the traffic slide. Until this happens, the shares will likely remain under pressure, contends Citi.