PREVIOUSLY REPORTING: Downgraded at 1 firm were Starbucks (to Sell), Downgraded to Neutral ratings were Bloomin’ Brands, Papa John’s and Jack in the Box
Otherwise, maintained:
Bloomin Brands: Neutral at 2 firms, Overweight at 1 firm
First Watch: Overweight at 3 firms.
Starbucks: Positive at 2 firms.
Chipotle: Equal Weight at 1 firm, Outperform at 1 firm.
Crack Barrel: Underperform at 1 firm, Hold at 1 firm.
Dutch Bros: Neutral at 1 firm, Buy at 1 firm.
Restaurant Brands: Hold at 1 firm.
The One Group: Neutral at 1 firm.
Maintained Positively at 1 firm: Exponential Fitness, Driven Brands, Dine Brands, Cheesecake Factory, Jack in the Box
COMPANIES REPORTING DURING WEEK: GEN Restaurants, TH International (Tim Horton’s of China), Arcos Dorados, CAVA Group, BT Brands, European Wax Center, Noble Roman’s – Downgraded at 1 firm was European Wax Center
Otherwise: European Wax Center maintained Outperform at 1 firm
CAVA Group: maintained Neutral at 6 firms(at well over 100x trailing twelve month EBITDA), maintained Positive at 3 firms
Transcripts are below for all companies reporting in prior weeks with ratings changes (Starbucks, Bloomn’ Brands, Papa John’s, Jack in the Box), initiations (none), or companies reporting in THE WEEK THAT WAS ( GEN Restaurant, TH International (Tim Horton’s of China), Arcos Dorados, CAVA Group, BT Brands, European Wax Center, Noble Roman’s).
GEN Restaurant (GENK)
GEN Restaurant Group, Inc (GENK) Q3 2024 Earnings Call Transcript _ Seeking Alpha
TH International (THCH)
TH International Limited (THCH) Q3 2024 Earnings Call Transcript _ Seeking Alpha
Arcos Dorados (ARCO)
Arcos Dorados Holdings Inc. (ARCO) Q3 2024 Earnings Call Transcript _ Seeking Alpha
CAVA Group (CAVA)
CAVA Group, Inc. (CAVA) Q3 2024 Earnings Call Transcript _ Seeking Alpha
CAVA Group, Inc. 2024 Q3 – Results – Earnings Call Presentation (NYSE _ CAVA) _ Seeking Alpha
BT Brands (BTBD) – No Conference Call or Transcript)
European Wax Center (EWCZ)
European Wax Center, Inc. (EWCZ) Q3 2024 Earnings Call Transcript _ Seeking Alpha
Noble Roman’s (NROM) – Transcript not yet available
