REPORTED IN PRIOR WEEKS (below): Yum Brands Upgraded from Neutral to Overweight, Dutch Bros Initiated with Neutral rating.
Otherwise:
Shake Shack maintained Underweight at 1 firm, Neutral at 2 firms, Positive at 2 firms.
Starbucks maintained Hold at 1 firm, Outperform at another.
Wingstop maintained Positively at 2 firms.
Brinker maintained Neutral at 1 firm, Buy at another.
Darden maintained Neutral at 3 firms, Positive at 6 firms.
Cheesecake Factory maintained Negative at 1 firm.
Dutch Bros, Kura Sushi, Bloomin Brands, Chipotle, Sweetgreen all maintained Neutral.
CAVA Group and Driven Brands maintained Positive at 1 firm.
Reported during Week: Only Noble Roman’s (NROM) and TH International (Tim’s of China) (THCH), both with minimal coverage except ours. No Ratings reported.
Conference call transcripts are below for all companies reporting in prior weeks with ratings change in THE WEEK THAT WAS: (Yum Brands), Initiations (Dutch Bros), or companies reporting (Noble Roman’s and TH International).
Yum Brands, Inc. (YUM)
https://seekingalpha.com/article/4779843-yum-brands-inc-yum-q1-2025-earnings-call-transcript
Dutch Bros Inc. (BROS)
https://seekingalpha.com/article/4783339-dutch-bros-inc-bros-q1-2025-earnings-call-transcript
https://seekingalpha.com/article/4783261-dutch-bros-inc-2025-q1-results-earnings-call-presentation
Noble Roman’s (NROM)
TH International (Tim’s of China) (THCH)
THE WEEK TO COME: There are no earnings reports scheduled.