UBS reiterated its Buy rating on McDonald’s on October 19 and kept its $320 price target, citing the company’s potential to regain U.S. growth and expand market share in 2027. According to Sina Finance, investors expect U.S. same-store sales to decline nearly 1% year over year in the third quarter, compared with the consensus estimate of a 0.4% decline; McDonald’s is scheduled to report results on November 4.

UBS expects challenging macroeconomic conditions to weigh on near-term U.S. performance, but said the company’s global brand, value-meal strategy and defensive earnings profile would provide support. The bank also sees potential for growth in 2027 through improved U.S. sales, stronger brand competitiveness and execution of its long-term growth strategy, including the NEXT initiative.

McDonald’s shares were at about $241.18, nearly 29% below the 52-week high of $341.75. UBS’s $320 target implies potential upside of about 32.7%. The shares trade at about 17.5 times forecast 2027 earnings per share. McDonald’s has raised its dividend for 51 consecutive years, and its dividend yield is about 3.18%.

Other firms have cut their price targets. Bernstein lowered its target from $295 to $250, and Guggenheim cut its target from $290 to $250. KeyBanc reduced its target from $305 to $280 while maintaining an Overweight rating. Wells Fargo lowered its target from $300 to $270 and also maintained an Overweight rating.