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The Golden Arches aren’t looking so bright according to Hedgeye Restaurants Sector Head Howard Penney. He remains one of the lone bears on McDonald’s and says MCD has more downside in store. In a recent note, Penney criticized current management writing, “McDonald’s management insists on blaming the macro environment for their issues.”

He noted that CEO, Don Thompson, was President of the U.S. division back in 2009, when the company decided to roll out McCafé (a failure according to Penney).  He thinks it’s “highly unlikely that [Thompson] will acknowledge the company has significant operational issues and the need to embark on a path of real change.  It is much easier to look for blame elsewhere.”

Click on the video above to watch Howard Penney on CNN earlier this week.