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Guggenheim's Gregory Francfort lowered their price target on Mcdonalds (NYSE: MCD) by 3.1% from $325 to $315 on 2024/05/02. The analyst maintained their Strong Buy rating on the stock.

Francfort's update followed an assessment of Mcdonalds' 2024/04/30-dated Q1 2024 earnings report and participation in the earnings call.

Following Q1's data, Francfort lowered their FY 2024 and 2025 EPS forecasts.

However, the analyst noted that slightly lower-than-expected same-store sales "had been telegraphed in mid-March at an Investor Conference."

Guggenheim maintained its "best idea" designation on Mcdonalds, the analyst told investors.

Earnings Report

For Q1 2024, McDonald’s reported:

• EPS of $2.70, which missed the Zacks Consensus Estimate of $2.71 but beat Q1 2023’s $2.63 by  2.7%.
• Revenue of $6.17B, which was in line with the Zacks Consensus Estimate and beat Q1 2023’s $5.9B by 4.6%.

Management did not provide guidance in the press release or earnings call.

CEO Chris Kempczinski commented: “Our global comparable sales growth in the first quarter marks 13 consecutive quarters of positive comparable sales growth with 30% growth over the last 4 years.

“As consumers are more discriminating with every dollar that they spend, we will continue to earn their visits by delivering leading, reliable, everyday value and outstanding execution in our restaurants.

“As we look to the rest of 2024 and beyond, we remain focused on leveraging the competitive advantages within our Accelerating the Arches plan and growing QSR market share to drive long-term growth.”