McDonald's Corp (MCD.N): What's NEXT (and Answers to Other Key Qs Expected at Investor Day)

Citi maintains a Buy rating on McDonald's Corp (MCD.N) but lowers its target price to US$310 from US$345, based on 15x NTM (12 months from now) EBITDA, implying ~1.05x the S&P 500 relative multiple and a 4% FCF yield. 2026E/2027E EPS move to $12.84/$14.26 from $12.87/$14.28 on softer US SSS partially offset by FX. Ahead of the September 23 Investor Day, Citi expects updates on multi-year KPIs, though unit growth targets (currently 4-5% through 2028) may slow as China percentage growth decelerates and operators in key US/IOM markets weigh NROs against remodel capex. Operating margin expansion should remain intact, driven by AI-driven G&A savings, store margin recovery, and EOTF D&A cycling out of franchise costs. US SSS remains a "show me" story, with focus on value, beverage, chicken, and GLP-1 resilience;