McDonald's (MCD) is set for recovery and positioned to gain market share despite global macroeconomic and industry pressures, UBS Securities said Friday in a research note.

The brokerage noted that McDonald's Q1 results and management commentary highlighted broad macro challenges but emphasized strategic efforts aimed at improving momentum across markets in the coming quarters.

McDonald's reported Q1 non-GAAP net income of $2.67 per diluted share, slightly above analysts' estimate of $2.66, while revenue came in at $5.96 billion, below the consensus estimate of $6.1 billion.

"While macro conditions could remain a pressure, 1Q should be the sales trough globally and across segments, as trends strengthen through the year and MCD is positioned for share gains in key markets," UBS said.

The firm also pointed to positive guest count gaps versus peers in the US and key international markets.

UBS expects US growth trends to accelerate, supported by the McValue platform, record guest satisfaction scores, and ongoing marketing and product initiatives.

The brokerage has a buy rating on the stock, with a $350 price target.

Price: 311.45, Change: -2.19, Percent Change: -0.70