McDonald’s shares could be held in check for a while, though the restaurant chain is well positioned to navigate macro uncertainty, according to Deutsche Bank. Analyst Brian Mullan downgraded shares of McDonald’s to hold from buy, citing limited upside potential for the “best performing” restaurant stock in the firm’s coverage after its outperformance this year. In 2022, McDonald’s shares declined 4%, far outpacing the S & P 500’s roughly 18% drop over the same time period. “In changing our rating to Hold here, we are simply expressing a view that there is better relative value in our coverage at present, and we expect outperformance from certain of its limited service peers over the next 12 to 18 months (as measured from here),” Mullan wrote in a note Tuesday. The analyst also trimmed his McDonald’s price target to $259 per share from $263, citing strong inflation that will pressure margins for the restaurant chain for the remainder of the calendar year. “When comparing current share price levels to our updated price target, we can no longer justify a Buy rating on MCD, and as such, we are moving our rating to Hold on a balanced risk-reward,” Mullan wrote. Still, McDonald’s remains a top restaurant chain able to navigate inflationary pressures, the analyst said. The fast-food restaurant on Tuesday reported earnings that topped estimates after price hikes and value items supported same-store sales growth in the U.S. Shares of McDonald’s dipped slightly in Wednesday premarket trading. —CNBC’s Michael Bloom contributed to this report.