THE WEEK THAT WAS, ENDING JULY 28 – SIX COMPANIES REPORT, THREE DOWNGRADES - TWELVE ANALYSTS CHIME IN ON BOTH McDONALD'S AND CHIPOTLE - EARNINGS SEASON HEATING UP - with relevant transcripts

COMPANIES PREVIOUSLY REPORTING: TWO DOWNGRADES, WENDY’S TO NEUTRAL AND WINGSTOP TO NEUTRAL

Wedbush reiterates Papa John’s Dine Brands, Denny’s, Cheesecake, Starbucks, and Shake Shack at NEUTRAL, only Chuy’s is OUTPERFORM,

Loop Capital initiates FAT Brands at OUTPERFORM

GEN Restaurants (Korean BBQ) is initiated as BUY at three firms

Citigroup maintains Wingstop,Wendy’s,Bloomin’ Brands, Cheesecake, Restaurant Brands, Jack in the Box & Starbucks at NEUTRAL, maintains Yum Brands & First Watch as BUYS

COMPANIES REPORTING IN PAST WEEK – SIX COMPANIES REPORTED: DOMINO’S, CHIPOTLE, SWEETGREEN, McDONALD’S, BJ’S, AND TEXAS ROADHOUSE – ONE DOWNGRADE, CHIPOTLE TO NEUTRAL

ONE DOWNGRADE: CHIPOTLE TO NEUTRAL

SWEETGREEN maintained as Market Perform by one analyst

TEXAS ROADHOUSE reiterated NEUTRAL once, OUTPERFORM once

BJ’s RESTAURANTS maintained: 1 UNDERWEIGHT, 2 NEUTRAL, 2 POSITIVE

McDONALD’S maintained: 3 NEUTRAL, 9 POSITIVE

CHIPOTLE DOWNGRADED to NEUTRAL at Kalinowski Research, 4 other analysts are NEUTRAL, 7 POSITIVE

Conference call transcripts are below for all companies reporting in prior weeks with ratings changes (Wingstop) or initiations (GEN Restaurants & FAT Brands), or companies reporting in THE WEEK THAT WAS (Domino’s, Chipotle, Sweetgreen, McDonald’s, BJ’s Restaurants and Texas Roadhouse)

Wingstop

https://seekingalpha.com/article/4599451-wingstop-inc-wing-q1-2023-earnings-call-transcript

Gen Restaurants

Has not reported as a publicly held company. Reports on 8/14.

FAT Brands

https://seekingalpha.com/article/4601698-fat-brands-inc-fat-q1-2023-earnings-call-transcript

https://seekingalpha.com/article/4601699-fat-brands-inc-2023-q1-results-earnings-call-presentation

Domino’s

https://seekingalpha.com/article/4619220-dominos-pizza-inc-dpz-q2-2023-earnings-call-transcript

Chipotle

https://seekingalpha.com/article/4620249-chipotle-mexican-grill-inc-cmg-q2-2023-earnings-call-transcript

Sweetgreen