REPORTED IN PRIOR WEEKS – TWO COMPANIES DOWNGRADED, ONE INITIATION – lots of maintenance with earnings season approaching.
Dutch Bros downgraded by RBC Capital from Outperform to Market Perform.
Chipotle downgraded by TD Cowen from Buy to Hold.
Restaurant Brands initiated by Mizuho at Outperform.
Otherwise:
Wingstop maintained Positively at 3 firms.
Sweetgreen maintained Neutral at 1 firm, Positive at 2 others.
Wendy’s maintained Neutral at 2 firms.
Brinker maintained Positively at 3 firms.
Starbucks maintained Neutral at 2 firms, Positive at 1 firm.
Dutch Bros maintained Positively at 4 firms.
CAVA Group maintained Neutral at 1 firm, Positively at 3 firms.
Chipotle maintained Positively at 4 firms.
Cheesecake Factory maintained Sell at 1 firm, Neutral at 3 firms.
Valvoline maintained Positively at 2 firms.
Shake Shack maintained Neutral at 2 firms.
Restaurant Brands maintained Neutral at 1 firm.
Maintained Neutral at 1 firm were Texas Roadhouse, Bloomin’ Brands, Yum! Brands & BJ’s.
Maintained Positively at 1 firm were First Watch and McDonald’s.
REPORTED LAST WEEK WAS ROCKY MOUNTAIN CHOCOLATE FACTORY, not followed by anyone but ourselves.
Conference call transcripts are below for all companies reporting in prior weeks with ratings change (Dutch Bros & Chipotle Mexican), Reported in THE WEEK THAT WAS: (Rocky Mountain Chocolate Factory) and Initiated Coverage (Restaurant Brands).
Dutch Bros (BROS)
Dutch Bros Inc. (BROS) Q2 2026 Earnings Call Transcript _ Seeking Alpha
Q2 2026 – Dutch Bros Investor Presentation
Chipotle Mexican Grill (CMG)
Chipotle Mexican Grill, Inc. (CMG) Q2 2026 Earnings Call Transcript _ Seeking Alpha
Restaurant Brands (QSR)
Restaurant Brands International Inc. (QSR) Q2 2026 Earnings Call Transcript _ Seeking Alpha
Rocky Mountain Chocolate Factory
10/28 JMKE JERSEY MIKE’S BEFORE MARKET OPEN