Baird analyst David Tarantino lowered his price target for McDonald's to $225 from $230, but reiterated an Outperform rating on the shares. While the analyst is "somewhat disappointed" that weaker-than-expected Q3 margin performance and some planned technology investments are prompting a 2% reduction to his 2020 EPS estimate, his constructive thesis on the stock is largely intact given his view that the company has the drivers in place to sustain solid comps momentum well into 2020. Tarantino believes signs of good top-line momentum along with the McDonald's durable business model ultimately will help to support better sentiment on the shares as the next 6-12 months play out.