Investing.com - Stephens is the latest Wall Street firm to lower its stock price
target on McDonalds, calling for slower sales growth.
The firm lowered its 12-month target from $185 to $170 a share, saying same-store sales will
grow 2% in 2018, less than the consensus estimate of 2.9%.
Stephens also downgraded the stock from overweight to equal-weight.
The firms says the fast food giant's recent strong sales growth "should not be considered the norm"
because it was the result of several successful initiatives coming together at once.
RBC Capital Markets and Bank of America (NYSE:BAC) lowered their price targets in March, expressing concern about
the slow start of McDonalds's new "$1,$2,$3 menu".
Shares are down 2% so far this year but up 22% over the past 12 months.