McDonald’s stock just got a boost after the burger giant agreed to keep the $5 meal deal going

With fewer customers visiting the Golden Arches as diners cut back on restaurant spending, McDonald’s is now extending its $5 value meal deal through the fall and into December in most U.S. markets. It’s the second time the fast-food chain has extended this deal, which kicked off this summer, and another sign that the burger chain wants to win back lower-income customers amid perceptions that it’s getting too expensive. According to Investing.com, Citi on Friday increased its stock price target for McDonald’s Corporation (NYSE: MCD) from $275 to $301, anticipating positive quarterly results. Shares of McDonald’s were up around 1.44% in late-day trading on Friday. What does the meal deal include? While $5 won’t buy you much these days, a fiver at McDonald’s will get you a four-piece Nuggets, a McChicken, or a McDouble sandwich; small fries, and a small soft drink. The discount comes after McDonald’s, like many chains, has increased prices to combat skyrocketing food prices and rising inflation. The increase in menu prices has led many price-conscious customers to question whether fast food is still worth the cost. McDonald’s said earlier this year that the price of a Big Mac has risen 21% since 2019, but some price hikes shared on social media have been more dramatic. Like Starbucks and other chains, McDonald’s has been offering customers discounts with the hope that they’ll return. The company said to expect more deals in the coming weeks and months.