COMPANIES PREVIOUSLY REPORTING: ONE DOWNGRADE, SHAKE SHACK TO NEUTRAL

Arcos Dorados maintained at Overweight at two firms

Planet Fitness maintained at Outperform

Yum Brands maintained at Buy

Dutch Bros maintained at Outperform

Papa John’s maintained at Buy

COMPANIES REPORTING IN PAST WEEK – NINE COMPANIES REPORTED: Carrol’s, BRC Corp, The Joint, Restaurant Brands, Jack in the Box, Wendy’s, Noodles, RCI Hospitality, European Wax Center – One Downgrade (The Joint)

Carrol’s maintained Positively at two firms

BRC Corp maintained: 1 Neutral, 2 Positive

The Joint: 1 Downgrade to Hold, 1 maintained at Buy

Restaurant Brands maintained : 3 Neutral, 4 Positive

Jack in the Box maintained: 5 Neutral, 1 Positive

Wendy’s maintained: 1 Neutral, 3 Positive

Noodle’s maintained: 1 Neutral, 1 Positive

RCI Hospitality maintained: 1 Positive

European Wax Center maintained: 1 Positive

Conference call transcripts are below for all companies reporting in prior weeks with ratings changes  (Shake Shack) or initiations (none ), or companies reporting in THE WEEK THAT WAS (Carrol’s, BRC Corp, The Joint, Restaurant Brands, Jack in the Box, Wendy’s, Noodles, RCI Hospitality, European Wax Center).

Shake Shack (SHAK)

https://seekingalpha.com/article/4623439-shake-shack-inc-shak-q2-2023-earnings-call-transcript

Carrol’s (TAST)

https://seekingalpha.com/article/4626831-carrols-restaurant-group-inc-tast-q2-2023-earnings-call-transcript

https://seekingalpha.com/article/4626832-carrols-restaurant-group-inc-2023-q2-results-earnings-call-presentation

BRC Corp (BRCC)

https://seekingalpha.com/article/4627179-brc-inc-brcc-q2-2023-earnings-call-transcript

The Joint (JYNT)

https://seekingalpha.com/article/4627221-joint-corp-jynt-q2-2023-earnings-call-transcript

https://seekingalpha.com/article/4627222-joint-corp-2023-q2-results-earnings-call-presentation

Restaurant Brands (QSR)

https://seekingalpha.com/article/4625411-restaurant-brands-international-inc-qsr-q2-2023-earnings-call-transcript

Jack in the Box (JACK)

https://seekingalpha.com/article/4626163-jack-in-box-inc-jack-q2-2023-earnings-call-transcript

Wendy’s (WEN)

https://seekingalpha.com/article/4625985-wendys-company-wen-q2-2023-earnings-call-transcript

Noodles (NDLS)

https://seekingalpha.com/article/4626313-noodles-and-company-ndls-q2-2023-earnings-call-transcript

RCI Hospitality (RICK)

https://seekingalpha.com/article/4627590-rci-hospitality-holdings-inc-rick-q3-2023-earnings-call-transcript

https://seekingalpha.com/article/4627605-rci-hospitality-holdings-inc-2023-q3-results-earnings-call-presentation

European Wax Center (EWCZ)

https://seekingalpha.com/article/4604186-european-wax-center-inc-ewcz-q1-2023-earnings-call-transcript

THE WEEK TO COME: QUIETING DOWN