Oppenheimer downgrades McDonald’s on lack of 2024 catalysts

Oppenheimer downgraded McDonald’s to Perform from Outperform without a price target. McDonald’s was a top idea in 2023 and the shares have climbed within 7% of the firm’s prior price target, the analyst tells investors in a research note. Oppenheimer says that following outsized double-digit earnings revisions in 2023, it is unable to identify another round of catalysts to the consensus model. The firm also predicts an “in-line” same-store-sales year as pricing benefits subside and share gains with low-end consumers “may remain stuck in neutral.”