The shares of McDonald's (MCD: sentiment, chart, options) are down more than 2% this morning following a downgrade from UBS. Analyst David Palmer cut the stock from "buy" to "neutral," though he maintained his $69 price target. In a note to clients, Palmer said, "Our concern is that poor shopping traffic could be a drag in [the fourth quarter], and that U.S. job losses should accelerate, weighing on commuting drive-thru occasions." The analyst also cited concerns about rising protein costs, which could weigh on margins.

MCD might be down today, but the shares are hardly struggling. Last week, the equity gapped higher and is now trading well atop support from its 10-week and 10-month moving averages. The Dow Jones Industrial Average component has gained more than 11% in 2008, besting the cumulative performance of its blue-chip brethren.

Despite the stock's technical strength, not many analysts are feeling the love for McDonald's. Zacks reports that half of the brokerage firms following the shares maintain a skeptical "hold" rating, and Thomson Financial notes that the average 12-month price target on MCD is $65.83 -- 12 cents below the stock's closing price yesterday.