McDonald's Spikes Lower, But Wall Street Darling Still Closer To 52-Week High Than 52-Week Low

McDonald's Corporation (NASDAQ: MCD) is understandably being hit by the broader market selloff. The stock is down almost 2 percent in 2016, but is still better off than Chipotle Mexican Grill, Inc. (NYSE: CMG) or The Wendy's Company (NYSE: WEN) have fared this year.

Earlier on Thursday morning, shares of McDonald's plunged lower to the $113.50 level before rebounding to settle near $115. The restaurant stock is still closer to its 52-week high ($120.23) than its 52-week low ($87.50), and Wall Street is still bullish. Nomura recently upgraded McDonald's to Buy on January 4, while Barclays and Credit Suisse maintained Buy-equivalent ratings in November with price targets in the upper $120 area.

In a more recent report, Credit Suisse analyst Jason West said McDonald's was his top restaurant stock pick, over taking Dunkin Brands Group Inc (NASDAQ: DNKN). West said he believed CEO Stephen Easterbrook was leading a solid turnaround effort, and said he saw potential for more sales momentum and "incremental leveraged buybacks."

McDonald's is estimated to report its fiscal fourth quarter earnings on January 22 before the market opens.