Credit Suisse analyst Jason West lowered McDonald's estimate on to refelct recent US franchisee checks, potential fallout from the Brexit decision, and US dollar strength. The analyst lowered his Q2 US same-store-sales estimate to +2.3% from +3.5%, versus consensus of +3.7%, and Q2 global SSS estimate to +3.2% from +3.7%, and trimmed 2H 16 global SSS by 50bps, to +2%, to reflect US and European macro headwinds. West lowered his Q2 earnings estimate to $1.40 from $1.41, 2016 to $5.52 from $5.57, and 2017 to $6.23 from $6.32. The analyst maintains his Outperform rating on McDonald's but trimmed its price target to $130 from $135.