Thoughts in $MCD

So MCD just crossed the 200SMA last Friday, sitting at 52wk lows with a dividend yield touching 2.6% at this point. The GLP-1 narrative from LLY and so on is likely deteorating the sentiment and makes sense on paper. With earnings next week and after hitting ATH in late February, this feels like an interesting spot for this stock. On the ground though, restaurants are still crowded, new locations keep opening, traffic remains strong overall. Yes, the product quality isn't what it used to be, but the brand has value on it. For a long time this was the definition of recession-proof, has this thesis really changed? Everyone know that even with owned restaurants, MCD makes a sh\*\* on their royalties program and we can see it more like a real estate than food chain looking at company segments of revenue chart. Anyone see an opportunity here, or is the market pricing in something that isn't obvious in the fundamentals yet?