McDonald’s shares opened at $238.11 on Thursday, down nearly 5% and close to the 52-week low of $234.03, after JPMorgan and BTIG Research reduced their price targets. JPMorgan cut its objective to $260 from $280 while maintaining an Overweight rating, while BTIG lowered its target to $295 from $350 but retained a Buy recommendation. BTIG’s revised target still implied about 24% upside from Wednesday’s closing price. The changes followed McDonald’s Analyst Day presentation of McDonald’s Next, a four-year reinvestment plan covering 2027 through 2030. The strategy includes about $8.5 billion in franchisee assistance through 2036, with roughly 60% expected to be deployed by 2030. Investors are focused on the size and timing of the spending, which could pressure cash generation and margins before returns emerge. McDonald’s reported adjusted earnings per share of $3.38 on August 4, exceeding the $3.32 consensus, while revenue rose 3.7% year over year to $7.10 billion but missed the $7.13 billion estimate. CEO Chris Kempczinski said customer traffic in company-operated markets was expected to remain stagnant amid inflationary pressures. The stock is below its 50-day moving average of $263.58 and 200-day moving average of $281.71, after reaching $341.75 over the past year. The broader analyst consensus remains Moderate Buy, with an average target of $313.96. McDonald’s also raised its quarterly dividend by nearly 4% and said its Monopoly promotion would return on October 6 with a $1 million grand prize.