THE WEEK THAT WAS, ENDING May 8th, 23 companies report, ONE UPGRADE, THREE DOWNGRADES -several stocks make big upside moves, two get taken out and shot!

REPORTED IN PRIOR WEEKS – Just one rating change: Chipotle Upgraded by Argus from Hold to Buy.

Otherwise:

CAVA Group maintained at Neutral by 1 firm.

Maintained with Buys at 1 firm were: Black Rock Coffee, Starbucks & Wingstop.

REPORTED IN THE WEEK THAT WAS: Portillo’s, First Watch, Krispy Kreme, BJ’s, Dine Brands, Restaurant Brands, Bloomin Brands, The One Group, Dutch Bros, Noodles, McDonald’s, Shake Shack, Valvoline, Papa John’s, Planet Fitness, Texas Roadhouse, Xponential Fitness, The Joint, El Pollo Loco, Good Times Restaurants, Sweetgreen & Wendy’s.

ESPECIALLY BIG UPSIDE MOVES IN NOODLES, TEXAS ROADHOUSE & EL POLLO LOCO, BIG DOWNSIDE MOVES IN SHAKE SHACK AND PLANET FITNESS.

Downgraded was Portillo’s, by Guggenheim, from Buy to Neutral.

Downgraded was Planet Fitness, by B of A and TD Cowen, from Positive to Neutral.

Otherwise:

Portillo’s was maintained at Neutral by 3 firms, Positively at 1 firm.

First Watch was maintained Positively at 2 firms.

BJ Restaurants was maintained Negatively by 1 firm, Neutral by 1 firm, Positive at 1 firm.

Restaurant Brands was maintained Neutral by 5 firms, Positive at 2 firms.

Bloomin Brands was maintained Neutral by 4 firms.

Dutch Bros was maintained Neutral at 1 firm, Positive at 3 firms.

Papa John’s was maintained Neutral at 1 firm, Positive at 2 firms.

Planet Fitness was maintained Neutral at 1 firm, Positive at 6 firms.

Texas Roadhouse was maintained Neutral at 3 firms, Positive at 1 firm.

Sweetgreen was maintained Negatively at 1 firm, Neutral at 2 firms.

Dine Brands was maintained Neutral at 1 firm.

El Pollo Loco was maintained Positively at 1 firm.

Conference call transcripts are below for all companies reporting in prior weeks with ratings change (Chipotle), Reporting in THE WEEK THAT WAS: (Portillo’s, First Watch, Krispy Kreme, BJ’s, Dine Brands, Restaurant Brands, Bloomin Brands, The One Group, Dutch Bros, Noodles, McDonald’s, Shake Shack, Valvoline, Papa John’s, Planet Fitness, Texas Roadhouse, Xponential Fitness, The Joint, El Pollo Loco, Good Times Restaurants, Sweetgreen & Wendy’s) and Initiated Coverage (none).

Chipotle (CMG)

Chipotle Mexican Grill, Inc. (CMG) Q1 2026 Earnings Call Transcript _ Seeking Alpha

Portillo’s (PTLO)

Portillo’s Inc. (PTLO) Q1 2026 Earnings Call Transcript _ Seeking Alpha

First Watch (FWRG)

First Watch Restaurant Group, Inc. (FWRG) Q1 2026 Earnings Call Transcript _ Seeking Alpha

Krispy Kreme (DNUT)

Krispy Kreme, Inc. (DNUT) Q1 2026 Earnings Call Transcript _ Seeking Alpha

BJ’s Restaurants (BJRI)

BJ’s Restaurants, Inc. (BJRI) Q1 2026 Earnings Call Transcript _ Seeking Alpha

Dine Brands (DIN)

Dine Brands Global, Inc. (DIN) Q1 2026 Earnings Call Transcript _ Seeking Alpha