McDonald's Stock Lower After Global Tech Outage

MCD is already down 5% in 2024

Fernanda Horner

Digital Content Manager

Mar 15, 2024 at 9:08 AM

McDonald's Corp (NYSE:MCD) stores in the U.K., Australia, New Zealand, and Japan suffered a technology outage that reportedly left customers able to pay only in cash, while employees took orders on paper, and some locations suspended operations. The fast food giant said it was working to address the issue, and that it was not related to a cyberattack.

MCD is down 0.4% at $280.50 ahead of the open, pacing for a third-straight daily drop after slipping below support from the 100-day moving average. Shares are trading at their lowest level since late November, distancing themselves from a Jan. 22, all-time high of $302.39, while sporting a roughly 5% year-to-date deficit.

Analysts remain optimistic, with 20 of the 29 in question calling McDonald's stock a "buy" or better. Plus, the 12-month consensus target price of $326.81 a roughly 16% premium to current levels.

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