KeyBanc Sees Strong U.S. Quarter for McDonald’s (MCD) Amid Choppy Industry Backdrop

McDonald’s Corporation (NYSE:MCD) is included among the 15 Best S&P 500 Dividend Stocks to Buy in 2026.

On January 9, KeyBanc analyst Eric Gonzalez raised McDonald’s Corporation (NYSE:MCD) price target to $340 from $335 and maintained an Overweight rating on the stock. KeyBanc said Q4 2025 looked like a strong quarter for McDonald’s US. The firm believes the company executed well on its value strategy and used its marketing strengths to stand out during what it described as a choppy period for the broader fast-food industry.

Based on its proprietary data and recent conversations across the industry, KeyBanc expects McDonald’s US likely delivered same-store sales growth above consensus estimates. The firm also noted that Extra Value Meal subsidies appear to be coming in lower than expected, which could create upside to EPS.

In a separate January 7 CNBC report, Oppenheimer said McDonald’s shares have been stagnant for an extended period, creating what it sees as an attractive entry point for investors. The firm upgraded the stock to Outperform from Perform.

Analyst Brian Bittner also set a $355 price target, which implies about 17% upside from current levels. He described the setup as a “golden opportunity,” noting that the upgrade comes after he stayed on the sidelines for roughly two years. Bittner added that McDonald’s unit growth is being underestimated. He said the company has stayed on pace with its 4% growth target while many peers have fallen short. He also argued that consensus expectations do not fully reflect the strength of McDonald’s innovation pipeline. That includes the rollout of an updated beverage platform. Bittner further said the Street appears to be overlooking any stabilization or recovery in the low-end consumer.

McDonald’s Corporation (NYSE:MCD) is a global foodservice retailer operating across the US, International Operated Markets, and International Developmental Licensed Markets & Corporate segments.

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