Citi analyst Jon Tower lowered the firm’s price target on McDonald’s to $283 from $317 and keeps a Neutral rating on the shares. The analyst saying footfall metrics have been decelerating year-over-year since McDonald’s June promotion around the birthday of Grimace. App data also points to slowing growth in U.S. engagement while a stronger U.S. dollar will pressure results, the analyst tells investors in a research note. The firm says the stock’s valuation “is not overly compelling,” making it “hard to argue for building positions into the Q3 report.
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