McDonald's Shares Fall as Morgan Stanley and Melius Research Cut Price Targets

McDonald's (MCD) shares took a slight hit after two prominent investment firms reduced their price targets following the company's investor day and NEXT strategy update on September 23.

Morgan Stanley cut its target to $297 from $308 while maintaining an 'Equal Weight' rating, according to The Fly. Melius Research lowered its target to $230 from $250 while keeping its 'Sell' rating.

The company plans approximately $8.5 billion in NEXT partnering support through 2036, including about $5 billion through 2030. This support will come in the form of rent relief and capital assistance for franchisees.

Analysts are flagging near-term uncertainty due to McDonald's reduced fourth-quarter and first-half U.S. comparable sales estimates and unclear earnings-per-share growth trajectory for 2027-30.