“So long as the stock continues to work, investors can’t really fault the company for easing into this important decision.”

 “Downgraded the stock from Overweight to Neutral and lowered the price target from $36 to $13.”

 “All it takes is one large company like Eli Lilly to do it and then more risk-averse companies follow suit... Pharma groups were realising that 'the best way to convert customers is through patient portals where they can act as a consumer in medicine.'”

 “Despite new initiatives such as launch of partnership with TikTok in Jan, we still remain cautious on subscriber growth which is yet to pick up. In our opinion, a return to sustained user growth (along with cost efficiencies and moving out debt maturities) would be required for a meaningful improvement in investor sentiment and share price.”

 “MCD offers unique liquidity, size & scale within the industry, coupled with strong fundamental growth across the globe, and a return of significant cash, while maintaining relatively modest balance sheet leverage & significant real estate ownership, the latter generating outsized rental income, which we believe is underappreciated.”