(Reuters) — Janney Capital Markets downgraded McDonald’s Corp. shares to “neutral” from “buy” on Wednesday after a survey of restaurant operators suggested that analysts’ expectations for near- and medium-term U.S. sales at established restaurants are too high.

Based on Janney’s proprietary McDonald’s Franchisee Survey, analyst Mark Kalinowski lowered his forecast for June same-restaurant sales growth by 90 basis points to 1.1 percent, below the Consensus Metrix estimate for a 2.2 percent rise.

Kalinowski – known for spotting trends in McDonald’s U.S. business – also reduced his projection for July U.S. same-restaurant sales growth by 50 basis points to 1.5 percent, versus analysts’ average estimate for a gain of 3.5 percent.

The survey included 28 domestic franchisees, who as a group own 216 McDonald’s restaurants in the United States.

The world’s biggest hamburger chain will release June restaurant sales and second-quarter results on July 22.

McDonald’s stock, a Dow component, was down 1.2 percent at $99.73 in midday trading on the New York Stock Exchange.