THE WEEK THAT WAS, ENDING JANUARY 10th – TWO UPGRADES, THREE DOWNGRADES, perhaps in anticipation of ICR Conference coming up – with relevant transcripts

PREVIOUSLY REPORTING: CHANGES IN RATINGS: Bloomin’ Brands Downgraded to Equal-Weight, Shake Shack Upgraded to Overweight, Dutch Bros Upgraded at 2 firms to Overweight, Dine Brands Downgraded at 2 firms to Neutral, European Wax Center Downgraded to Neutral

Otherwise:

Bloomin’ Brands maintained by 1 firm at Neutral, Shake Shack maintained Neutral at 1 firm and Overweight at 1firm, Cheesecake Factory maintained Sell at 1 firm, Brinker Int’l and Exponential Fitness maintained at Neutral at 1 firm,

Maintained Positively at 1 firm are: Yum Brands, Restaurant Brands, Jack in the Box, Denny’s, Darden, Chipotle, Planet Fitness, Mister Carwash, Valvoline, Sweetgreen

COMPANIES REPORTING DURING WEEK: Only Kura Sushi USA (KRUS) – for which there were no ratings changes.

Conference call transcripts are below for all companies reporting in prior weeks with ratings changes (Bloomin’ Brands, Shake Shack, Dutch Bros, Dine Brands, European Wax Center Initiations (none), or companies reporting in THE WEEK THAT WAS: (Kura Sushi USA)

TRANSCRIPTS:

Kura Sushi USA (KRUS)

Kura Sushi USA, Inc. (KRUS) Q1 2025 Earnings Call Transcript _ Seeking Alpha

Bloomin’ Brands (BLMN)

Bloomin’ Brands, Inc. (BLMN) Q3 2024 Earnings Call Transcript _ Seeking Alpha

Shake Shack (SHAK)

Shake Shack Inc. (SHAK) Q3 2024 Earnings Call Transcript _ Seeking Alpha

Dutch Bros (BROS)

Dutch Bros, Inc. (BROS) Q3 2024 Earnings Call Transcript _ Seeking Alpha

Dine Brands (DIN)

Dine Brands Global, Inc. (DIN) Q3 2024 Earnings Call Transcript _ Seeking Alpha

European Wax Center (EWCZ)