Wells Fargo Lowers Price Target on McDonald’s (MCD)

Wells Fargo announced on Monday that it has lowered its price target on McDonald’s (MCD) from $105-$110 to $102-$106. Wells Fargo also maintained its outperform rating on the fast food company.

The lower price target comes after McDonald’s reported its third quarter earnings results; EPS came in at $1.52 per share – above analyst expectations, while revenues came in slightly below expectations at $7.32 billion.

Wells Fargo also lowered its 2013 EPS estimate for McDonald’s from $5.58 to $5.55. For its 2014 estimates, EPS is now expected to come in at $5.97, down from the previous estimate of $6.15.

Wells Fargo analyst Jeff Farmer noted “While we’re disappointed with MCD's Q4 SSS and margin outlook, we’re maintaining our Outperform rating based on our expectation for MCD to reaccelerate market share gains in 2014 as the company continues to refine its strategic focus on both new product introductions and affordability.”

McDonald’s shares slipped 0.64% during Monday’s session. Year-to-date, the stock is up 5.64%.