McDonald's (MCD) global same-store sales momentum, better customer value perceptions, and menu innovation position it for market share gains in H2, despite macroeconomic pressure, UBS Securities said in a Thursday research report.

The brokerage said it expects improved US same-store sales in H2, including 2.5% growth in Q3 and 4.5% in Q4. For International Operated Markets, UBS models 2025 same-store sale growth of 2.1%.

"We continue to like McDonald's H2 setup given catalysts to drive market share gains and strengthen US sales growth, foreign exchange tailwinds, and defensive characteristics that provide earnings stability in a still volatile environment," according to UBS.

McDonald's delivered "encouraging" Q2 performance, with US same-store sales growth of 2.5%, but consumer weakness persisted in the US among low-income consumers as visits across the industry fell by double digits while middle-income consumers improved to positive, analysts wrote.

UBS reiterated its buy rating on the stock and price target of $350 per share.

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