Stephens analyst Will Slabaugh believes early signs continue to support his thesis that low-to-middle income consumers are in an improving position, putting large-scale quick service in position to outperform. However, he lowered his quarterly estimates for McDonald's (MCD), as he thinks recent value messaging changes have shifted share to Burger King (QSR), especially at breakfast. He also lowered his quarterly estimates for Sonic (SONC), citing weather in the Southern and Central U.S. He maintains Overweight ratings on both McDonald's and Sonic and continues to view Burger King parent Restaurant Brands as his Best Idea in restaurants.