"Thirty-three percent of consumers said they'll dine at less expensive restaurants going forward, compared to just 1% who said they'll dine at more expensive restaurants.

"For the second consecutive survey, reduced income rose as a key concern (up five points to 38%), and is now one of the top reasons why consumers expected to dine out less frequently going forward.

"Job security concerns (up two points to 14%) have also moved up as a key reason why consumers are dining out less frequently.

"In the most recent survey period, McDonald's enjoyed comparable-store growth of 7.2%. The strength in MCD was consistent with our most recent findings, which showed that diners are choosing less expensive alternatives.

"Interestingly, the United States is not McDonald's No.1 geographic market. Europe is MCD's largest market, having produced 42.2% of 2008 revenues. The U.S. generated 34.3% of revenues. The Asia/Pacific, Middle East and Africa contributed 16.7% of revenues.

"Overall, McDonald's is a solid stock to be holding these days, and one of the best reasons is its 3.8% dividend yield.

"While many blue chips have recently cut dividend payments, MCD raised its dividend by 33% in September. We continue to recommend that you accumulate McDonald's shares on pullbacks."

Reviewing McDonald's latest quarter, Bill Martin adds, "The company reported a 3.5% increase in Q1 earnings. The restaurant operator posted a profit of $979.5 million, or 87 cents a share, up from $946.1 million, or 81 cents a share, a year earlier.

"Excluding a gain from the sale of its interest in DVD rental firm Redbox Automated Retail, adjusted EPS was 83 cents, a penny above estimates.

"Revenue fell -9.4% to $5.08 billion, with quarterly global same-store sales up 4.3%. The revenue number came up just short of analyst estimates of $5.19 billion.

"Looking at results on a regional basis, McDonald's grew U.S. same-store sales by 4.7%. Operating income increased by 6%. The company said it was gaining market share, attributing menu affordability and quality offerings for its strong results.

"Comparable sales in Europe, meanwhile, rose 3.2%. The Asia/Pacific, Middle East, and Africa region continued its strong growth. The firm noted that convenience, affordability, and menu choice drove results. Australia and Japan helped offset weaker sales in China.

"Despite currency headwinds, a weak global economy, and commodity cost pressures, McDonald's continues to serve up tasty results.

"We think the company deserves to trade at more of a premium to its peers than it does, given its consistently strong results in good economic times and bad. With more growth still on tap in the years ahead, helped by its premium coffee rollout and international expansion, we rate McDonald's a Buy."

Steven Halpern's TheStockAdvisors.com offers a free daily overview of the favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.