Morgan Stanley analyst John Glass said McDonald's informal meeting on Wednesday was an opportunity for investors to meet new CEO Chris Kempczinski and noted that he and CFO Keven Ozan spent "more time" explaining the comp challenges facing the industry and the brand than they did discussing comp and traffic goals for 2020. The leaders acknowledged the 4% comps and flat traffic goals for 2020 that have been discussed with franchisees, though they said those should not be viewed as "guidance," according to Glass. They also said they see the 7%-9% "normalized" EPS growth algorithm applying in 2020,albeit at the lower end, which Glass said is consistent with his estimates. The analyst maintains an Overweight rating and $214 price target on McDonald's shares.