KeyBanc Cuts McDonald’s (MCD) Target to $345, Flags Volatile Outlook for 2026

McDonald’s Corporation (NYSE:MCD) is included among the 10 Best Dow Stocks to Invest in Now.

KeyBanc Cuts McDonald’s (MCD) Target to $345, Flags Volatile Outlook for 2026

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On April 20, KeyBanc Capital Markets lowered its price recommendation on McDonald’s Corporation (NYSE:MCD) to $345 from $354. It reiterated an Overweight rating on the shares. For Q1 restaurant earnings, the firm said the main focus will be on April and quarter-to-date trends, along with updated 2026 outlooks. These updates are expected to reflect a more uncertain and volatile macro environment.

Earlier in April, McDonald’s said it would introduce menu items priced at $3 or less and offer a $4 breakfast meal deal in the U.S. The move is aimed at attracting price-conscious customers dealing with economic pressure. CEO Chris Kempczinski said in February that there were signs the company’s value strategy was gaining traction. He pointed to increased visits from lower-income customers.

Last year, the company began subsidizing franchisees’ “extra value” meals as costs for some inputs, including beef, stayed elevated. Kempczinski also said the company does not plan to subsidize pricing on a permanent basis.

McDonald’s Corporation (NYSE:MCD) operates as a global foodservice retailer. Its segments include the U.S., International Operated Markets, and International Developmental Licensed Markets & Corporate. The U.S. remains its largest market and is about 95% franchised.

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