TD Cowen tells investors in a research note that the firm is “surprised” by reports of the magnitude of pricing reduction at McDonald’s (MCD) on popular combos and the company’s willingness to provide subsidies to impacted franchisees to drive traffic. The firm, which has a Hold rating and $315 price target on the shares, believes McDonald’s value efforts are “more of a problem” to burger peers including Wendy’s (WEN), Restaurant Brands (QSR), and Jack in the Box (JACK), and less of a benefit to McDonald’s.
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