Credit Suisse upgraded McDonald's to Outperform and raised its price target to $112 from $110. Analyst Jason West said checks indicate U.S. same-store-sales trends are beginning to turn driven by operational and menu changes, and some new product wins. West sees 5-6% potential upside to current 2016 forecasts and sees favorable risk/reward of 2-3% downside versus 20% upside, even if the turnaround is fairly modest.

Citi lowered the firm's price target on McDonald's to $297 from $312 and keeps a Neutral rating on the shares. The analyst looked at the recent pullback in the shares as a potential opportunity to get more positive on McDonald's. However, while Citi thinks some of the recent pressure on shares came from faltering high-frequency data, it finds it hard to make a valuation-based or high-frequency data-driven case to own McDonald's shares ahead of a "rock and a hard case" Q1 earnings setup. If the company walks away from guidance for 3%-4% U.S. same-store-sales in 2024, it further biases estimate revisions down, and if it maintains it, optimistic guidance remains a bear case, the analyst tells investors in a research note.