McDonald's was one of the Dow Jones index's biggest decliners on Friday morning on Wall Street, as the fast-food giant's stock was penalized by cautious comments from UBS.

In its note, the research firm explains that it is concerned about the repercussions of the economic slowdown on the business of the world's number one fast-food company.

UBS points out that its research reveals increased pressure on fast-food chains, due in particular to prices perceived as "too high" by consumers.

As a result, UBS has lowered its price target for the stock from $340 to $335, although analysts continue to recommend a buy rating.

According to UBS, McDonald's remains well positioned in its market and should resist the difficulties encountered internationally, and even take advantage of them to gain new market share.

An hour after opening, the share price was down 0.8%, compared with a gain of around 0.5% for the Dow Jones index.

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