THE WEEK THAT WAS, ENDING MAY 9th – Nineteen companies report earnings, lots of stock volatility but (amazingly) only one ratings change – relevant conference call transcripts are provided – another interesting week to come

PREVIOUSLY REPORTING (below): Just one changed ratings. Wendy’s (after cutting dividend) upgraded from Neutral to Overweight.

Otherwise: Shake Shack, Chipotle & Yum Brands maintained by 1 firm with Neutral ratings.

McDonald’s, Planet Fitness & Wingstop maintained by 1 firm Positively.

COMPANIES REPORTING DURING WEEK (below): Denny’s, First Watch, Driven Brands, Portillo’s, Bloomin’ Brands, Dine Brands, Dutch Bros, Noodles, Potbelly, Planet Fitness, Valvoline, Restaurant Bands, Krispy Kreme, Papa John’s, Good Times-Restaurants, Xponential Fitness, The Joint, Texas Roadhouse, Sweetgreen. –

Plenty of stock volatility; in First Watch, Driven Brands, Dutch Bros, Krispy Kreme, Papa John’s, Texas Roadhouse & Sweetgreen. Read the transcripts for insights. There were (amazingly) no ratings changes.

Maintained were:

Sweetgreen: 3 firms at Neutral, 2 with Positive ratings.

Dutch Bros: 1 firm Neutral, 5 Positive

First Watch: 8 firms Positive

Restaurant Brands: 1 firm Neutral, 2 Positive

Papa Johns: 1 firm Neutral, 3 Positive

Dine Brands: 3 firms Neutral, 1 Positive

Portillo’s: 2 firms Neutral, 1 Positive

Valvoline: 1 firm Neutral, 1 Positive

Bloomin’ Brands: 2 firms Neutral

Texas Roadhouse: 1 firm Neutral, 1 Positive

Driven Brands: 1 firm Neutral

Denny’s: 1 firm Positive

The Joint: 1 firm Positive

Xponential Fitness: 1 firm Very Positive

Conference call transcripts are below for all companies reporting in prior weeks with ratings changes (Wendy’s), Initiations (none), or companies reporting in THE WEEK THAT WAS: ( Denny’s, First Watch, Driven Brands, Portillo’s, Bloomin’ Brands, Dine Brands, Dutch Bros, Noodles, Potbelly, Planet Fitness, Valvoline, Restaurant Bands, Krispy Kreme, Papa John’s, Good Times Restaurants, Xponential Fitness, The Joint, Texas Roadhouse, Sweetgreen.)

Wendy’s (WEN)

The Wendy’s Company (WEN) Q1 2025 Earnings Call Transcript _ Seeking Alpha

The Wendy’s Company 2025 Q1 – Results – Earnings Call Presentation (NASDAQ _ WEN) _ Seeking Alpha

Denny’s (DENN)

Denny’s Corporation (DENN) Q1 2025 Earnings Call Transcript _ Seeking Alpha

First Watch (FWRG)

First Watch Restaurant Group, Inc. (FWRG) Q1 2025 Earnings Call Transcript _ Seeking Alpha

First Watch Restaurant Group, Inc. 2025 Q1 – Results – Earnings Call Presentation (NASDAQ _ FWRG) _ Seeking Alpha

Driven Brands (DRVN)

Driven Brands Holdings Inc. (DRVN) Q1 2025 Earnings Call Transcript _ Seeking Alpha

Portillo’s (PTLO)

Portillos Inc (PTLO) Q1 2025 Earnings Call Transcript _ Seeking Alpha