McDonald’s price target lowered to $325 from $340 at BMO Capital

BMO Capital lowered the firm’s price target on McDonald’s to $325 from $340 but keeps an Outperform rating on the shares. The company’s Q3 earnings topped expectations thanks to strong comps and restaurant margins, lower SG&A, and greater non-operating income, the analyst tells investors in a research note. Comp momentum at McDonald’s remains broad-based across geographies despite the challenging environment, the firm added, stating that while it is reducing its price target to account for higher interest rates, the company’s results highlight its rationale for the stock remaining a “preferred defensive pick”.