JPMorgan lowers McDonald's target price. The company's second-quarter profit exceeded expectations, but revenue was slightly lower than anticipated.

JPMorgan has lowered its price target for McDonald's from $305 to $280. McDonald's reported second-quarter earnings that exceeded Wall Street's expectations, but revenue was slightly below projections. The Chicago-based fast-food giant announced on Tuesday that its adjusted earnings per share for the quarter were $3.38, up from $3.19 in the same period last year, and above the average analyst estimate of $3.32 from a FactSet survey. Revenue grew 4% to $7.1 billion, falling short of analysts' initial expectations of $7.13 billion; global same-store sales increased by 1.3%, which met Wall Street's expectations.