McDonald’s (MCD) stock was crushed over the last few weeks.

In fact, thanks to concerns about disruption to its business, with Russia’s invasion of Ukraine, the stock fell from about $260 to $217.  While the stock has since recovered to $246, we believe it could test $270, near-term.

For one, tensions between Russia and Ukraine seem to be cooling, with Putin withdrawing troops near the Ukranian capital, Kyiv.

Two, Cowen & Co. analyst Andrew Charles just reiterated an overweight rating on the stock, with a price target of $275 a share.  He noted that while McDonald’s gets about 40% of its sales from Europe, U.S. same-store sales have a greater impact on the stock price.

As noted by Barron’s: Charles argues that strength in the domestic market can “overshadow international challenges,” both near and long term. “We believe McDonald’s is well positioned to gain share based on competitive advantages in scale and a U.S. store-remodel program that we expect to be largely completed before peers in 2022 due to stronger franchisee cash flows.”

Shares of MCD last traded at $247.20 – up $4.32 on the day.