MCD has struggled through 2024, correcting ~17%, while at the same time, the S&P500 keeps posting fresh all-time highs almost daily. McDonald’s missed quarterly earnings estimates in April as same-store sales fell short of expectations. Boycotts over the conflict in Gaza weighed on the chain’s Middle East sales, while higher prices, which have helped McDonald’s revenue, scared away some low-income customers. On the company’s conference call, CEO Chris Kempczinski said, “Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the industry,”
- We are looking for global interest rates to fall through 2024/5 which should help Maccas clientele moving forward.
MM is cautiously bullish McDonalds around $US250
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