THE WEEK THAT WAS, ENDING JULY 21 – TWO COMPANIES (WITHOUT COVERAGE) REPORTED, ONE UPGRADE, LOTS OF MAINTENANCE AND INITIATIONS (WITH EARNINGS SEASON ABOUT TO TAKE OFF - with relevant transcripts

ONLY TWO COMPANIES REPORTED, WITH VIRTUALLY NO COVERAGE, except ours (WINWARK-WINA & MERITAGE HOSPITALITY-MHGU)

COMPANIES PREVIOUSLY REPORTING: ONLY ONE UPGRADE – PAPA JOHN’S

IN TERMS OF RATINGS “MAINTAINED”, “REITERATED” AND “INITIATED”:

Cheesecake Factory: One analyst negative, One Neutral

McDonald’s: Six analysts Positive

Chipotle: One Neutral, Six Positive

Wingstop: Two Neutral

Texas Roadhouse: One Neutral, Three Positive

Shake Shack: Two Neutral, One Positive

Starbucks: One Neutral, Two Positive

Dine Brands: One Neutral, One Positive

Brinker: Two Neutral, One Positive

Wendy’s: One Neutral, One Positive

BJ’s: One Neutral, Two Positive

Bloomin’ Brands:Two Neutral

Restaurant Brands: One Negative, Two Neutral, Two Positive

Chuy’s: One Neutral, One Positive

SINGLE ANALYTS MAINTAIN AND REITERATE NEUTRAL RATINGS ON SWEEGREEN, JACK IN THE BOX, KURA SUSHI, DARDEN, DENNY’S AND CRACKER BARREL

SINGLE ANALYSTS MAINTAIN AND REITERATE POSITIVE RATINGS ON DAVE & BUSTER’S, FIRST WATCH, YUM BRANDS, PORTILLO’S AND CARROL’S

Regarding companies reporting during week: Only Winmark and Meritage Hospitality (no street coverage except for ourselves).

Conference call transcripts are below for all companies reporting in prior weeks with ratings changes (Papa John’s) or initiations (Cheesecake Factory, Texas Roadhouse, Dine Brands, Brinker, BJ’s, Bloomin’ Brands, Chuy’s, Kura Sushi, Darden, Denny’s, Cracker Barrel, Dave & Buster’s, First Watch), or companies reporting in THE WEEK THAT WAS (Winmark and Meritage Hospitality, but neither have conference calls).

Papa John’s

https://seekingalpha.com/article/4600077-papa-johns-international-inc-pzza-q1-2023-earnings-call-transcript

Cheesecake Factory

https://seekingalpha.com/article/4602860-cheesecake-factory-inc-cake-q1-2023-earnings-call-transcript

https://seekingalpha.com/article/4602783-cheesecake-factory-incorporated-2023-q1-results-earnings-call-presentation

Texas Roadhouse (TXRH)

https://seekingalpha.com/article/4600307-texas-roadhouse-inc-txrh-q1-2023-earnings-call-transcript

Dine Brands (DIN)

https://seekingalpha.com/article/4599529-dine-brands-global-inc-din-q1-2023-earnings-call-transcript

Brinker (EAT)

https://seekingalpha.com/article/4599493-brinker-international-inc-eat-q3-2023-earnings-call-transcript

BJ’s Restaurants, (BJRI)