UPDATE: Credit Suisse Reduces PT to $90 on McDonald on Share Slippage Indication

Credit Suisse reiterates its Hold rating on McDonald's MCD and cuts its price target from $99 to $90 as sale softness continues into summer. Credit Suisse comments, "May SSS of +3.3% vs. cons 4.9% with misses across all regions. US SSS +4.4% vs. cons +5.5% & APMEA fell -1.7% vs. cons +2.5% (flattish ex. trade day adj), while Eur SSS +2.9% short of cons +4.8%. Given US slowdown (vs. likely share gains by other QSR names) & Eur exposure, we remain cautious on MCD. See flattish 2Q & FY12/13 EPS revised to $5.55/$6.01 (fr $5.69/$6.20). PT to $90 (fr $99)." MCD closed at $88.38 on Friday.