KeyBanc lowered the firm’s price target on McDonald’s to $310 from $330 and keeps an Overweight rating on the shares after the firm interviewed multiple, large, multi-unit restaurant owners and spent time analyzing its proprietary datasets to generate insights on several highly franchised restaurant companies. KeyBanc notes that McDonald’s likely had a strong Q3 but faces a challenging October. Based on its industry conversations, the firm believes McDonald’s is poised to report another quarter of industry-leading same-store sales growth fueled by operational excellence, strategic price increases, and cut-through marketing/innovation programs. Nonetheless, KeyBanc thinks momentum in Q3 moderated slightly.
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