As previously reported, Cleveland Research analyst Steven Gojak downgraded McDonald's to Neutral from Buy after his industry checks led him to believe that its comparable sale results in the second half will trend more in-line with consensus expectations.

Gojak, who is still modeling Q2 U.S. comp sales growth of 3.7% for McDonald's, which is above the 3.1% consensus growth view, lowered his 2018 U.S. comp estimate to 3.2% from 3.4%, compared to the consensus of 3.1% growth.

He also cut his 2019 comp estimate to up 3%, down from up 3.5% and only slightly above the 2.9% consensus growth estimate.