THE WEEK THAT WAS, ENDING March 6th, two upgrades plus 13 initiations (7 Buys, 6 Neutral) – 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 – Restaurant Brands Upgraded by 2 firms, Neutral to Buy Dutch Bros Upgraded to Buy by Goldman Sachs

Otherwise:

Initiated at Neutral by Davidson were Starbucks, CAVA , Portillo’s, Brinker, Sweetgreen, Chili’s.

Initiated with Buy by Davidson were Shake Shack, Dutch Bros, Chipotle, Wingstop, First Watch, Kura Sushi, Black Rock Coffee Bar.

Otherwise:

Restaurant Brands maintained at Equal Weight by 1 firm, Positive at 1 firm.

Shake Shack maintained at Buy at 1 firm.

Starbucks maintained at Neutral by 1 firm.

McDonald’s maintained Positively at 2 firms.

CAVA maintained Overweight at 1 firm.

European Wax maintained Market Perform, as it awaits Private Equity transaction.

Maintained at Buy by 1 firm were Darden and Exponential Fitness.

REPORTED IN THE WEEK THAT WAS: Black Rock Coffee Bar, Cracker Barrel.

No rating changes, Black Rock Coffee Bar Initiated with Buy

Cracker Barrel maintained Sell at 1 firm, Neutral at 2 firms, Buy at 1 firm.

Conference call transcripts are below for all companies reporting in prior weeks with ratings change (Restaurant Brands, Dutch Bros), Reporting in THE WEEK THAT WAS: (Cracker Barrel, Black Rock Coffee Bar) and Initiated Coverage (First Watch, CAVA Group, Portillo’s, Dutch Bros, Brinker, Sweetgreen, Kura Sushi, Shake Shack, Starbucks, Chipotle, BJ’s Rest., Wingstop, Black Rock Coffee Bar).

Restaurant Brands (QSR)

Restaurant Brands International Inc. (QSR) Q4 2025 Earnings Call Transcript _ Seeking Alpha

Dutch Bros (BROS)

Dutch Bros Inc. (BROS) Q4 2025 Earnings Call Transcript _ Seeking Alpha

Cracker Barrel (CBRL)

Cracker Barrel Old Country Store, Inc. (CBRL) Q2 2026 Earnings Call Transcript _ Seeking Alpha

Black Rock Coffee Bar (BRCB) – most recent transcript not yet available

black rock presentation

First Watch (FWRG)

First Watch Restaurant Group, Inc. (FWRG) Q4 2025 Earnings Call Transcript _ Seeking Alpha

CAVA Group (CAVA)

CAVA Group, Inc. (CAVA) Q4 2025 Earnings Call Transcript _ Seeking Alpha