THE WEEK THAT WAS, ENDING January 9th – only 1 report but lots of rating action ahead of ICR Conference - 3 Upgrades, 3 Downgrades, 2 Initiations - easy access here for conference call transcripts – click through yellow box on Home Page for over 60 write-ups, your "one stop shop"

REPORTED IN PRIOR WEEKS

Three Upgrades – McDonald’s from Perform to Outperform, Brinker from Neutral to Buy, and Yum Brands from Hold to Buy.

Three Downgrades – Portillo’s from Buy to Hold, Darden from Buy to Hold, Yum Brands from Outperform to Perform

Two Initiations: Telsey Advisory initiates Chipotle and CAVA at Outperform

Otherwise:

Wingstop maintained Positively by 3 firms.

Wendy’s maintained at Underperform at 1 firm, Neutral at 2 firms, Positive at 1 firm.

Starbucks maintained at Neutral at 1 firm, Overweight at 1 firm.

Chipotle maintained Neutral at 2 firms, Positive at 2 firms.

Portillo’s maintained at Neutral at 1 firm.

Jack in the Box maintained Neutral at 4 firms.

Dine Brands maintained Neutral at 3 firms.

CAVA Group maintained Neutral at 3 firms, Positive at 2 firms.

Darden maintained Market Weight at 1 firm and Overweight at 1 firm.

McDonald’s maintained Hold at 1 firm and Positive at 3 firms.

Brinker maintained Neutral at 2 firms and Positive at 2 firms.

Yum Brands maintained Overweight at 2 firms.

Dave & Buster’s maintained Neutral at 3 firms.

Maintained Neutral at 1 firm are Cheesecake Factory, BJ’s Restaurants, Papa John’s.

Maintained Positively at 1 firm are Shake Shack, Restaurant Brands, Driven Brands.

REPORTED IN THE WEEK THAT WAS – only Kura Sushi USA (KRUS)

Conference call transcripts are below for all companies reporting in prior weeks with ratings change (McDonald’s, Brinker, Yum Brands, Portillo’s, Darden), Reporting in THE WEEK THAT WAS: (Kura Sushi USA), and Initiated Coverage (Chipotle, CAVA Group).

Transcripts

McDonald’s (MCD)

McDonald’s Corporation (MCD) Q3 2025 Earnings Call Transcript _ Seeking Alpha

Brinker International (EAT)

Brinker International, Inc. (EAT) Q1 2026 Earnings Call Transcript _ Seeking Alpha

Yum Brands (YUM)

Yum! Brands, Inc. (YUM) Q3 2025 Earnings Call Transcript _ Seeking Alpha

Portillo’s (PTLO)

Portillo’s Inc. (PTLO) Q3 2025 Earnings Call Transcript _ Seeking Alpha

Darden Restaurants (DRI)

Darden Restaurants, Inc. (DRI) Q2 2026 Earnings Call Transcript _ Seeking Alpha

Kura Sushi USA (KRUS)