Guggenheim put the restaurant sector in focus today, downgrading both McDonald's (MCD) and Wendy's  (WEN) to "neutral" from "buy," but upgraded Darden Restaurants (DRI) to a "buy." Guggenheim cites an upbeat in consumer spending as the reason for the calls.

Virtus Investment Partners Chief Market Strategist Joe Terranova said it is reasonable to expect McDonald's and Wendy's to be fairly valued.

"I think it's a complicated call. McDonald's has had a nice little rebound here; it's been a year of a little bit of struggle for McDonald's. They have had the rebound, so it is reasonable to expect it's fairly valued," Terranova said on CNBC's "Halftime Report" Thursday afternoon. 

CNBC "Shark Tank" investor and O'Shares Investment chairman Kevin O'Leary disagreed with the calls entirely.

"I don't agree on any of these calls. I don't agree with the downgrade of McDonald's because in terms of execution excellence in this sector they are number one. Number two, I am not bullish on restaurant stocks. I think it's miserable out there," O'Leary explained.

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