McDonald's (NYSE:MCD) shares gained nearly 7% since the company’s reported Q3 results on Thursday. EPS came in at $2.68, better than the Street estimate of $2.59. Revenue was $5.87 billion, compared to the Street estimate of $5.72 billion.

According to the analysts at RBC Capital, the quarterly results highlighted the company's ability to play both offense (e.g., strength of marketing, ongoing delivery demand) and defense (e.g., value and trade-down benefit) amid macro uncertainty.

As valuation becomes more demanding post-Q3 results, analysts expect shares to face a higher degree of scrutiny as Europe and FX headwinds remain. However, the analysts do expect the company to continue to outperform, as they see top-line momentum in the US and abroad, as well as the company's defensive business model, helping to offset these risks. The analysts raised their price target to $295 from $275, while maintaining their Outperform rating.