The Ulstermen ran in four tries courtesy of Stefan Terblanche, Ian Humphreys, John Afoa and Ruan Pienaar to leave McGahan's side third in the RaboDirect PRO12 standings.
But after being dumped out of the Heineken Cup at the pool stages for the first time in over a decade last season, McGahan has called for a sense of perspective going into the New Year.
He said: "I think we would be pretty satisfied with where we are at this point in time, tonight puts a bit of dampener on it but from a Heineken Cup perspective, we couldn't have asked for a better position, although there is still a lot of work to do.
"We need to get back to winning tough games on the road in the RaboDirect PRO12 but I think overall we are in pretty stable position.
"In the second half, Ulster came out with a great intent to play and we were well beaten in the second half with regards to tempo and execution, having thought we were well in it at half-time.
"We did some really good things in the first half but in the second there were too many unforced errors.
"We were in the ascendancy in the scrum in the first half but they came out in the second with more focus and maybe we got a little tired or a little complacent, I don't but the change around in dominance was a concern."
63x46.png){kind=logo}