THE WEEK THAT WAS, ENDING November 6th – 21 companies report - TWO DOWNGRADES - SEE YOU THIS WEEK IN LAS VEGAS AT THE RESTAURANT FINANCE DEVELOPMENT CONFERENCE!

REPORTED IN PRIOR WEEKS – almost all the ratings action was relative to the companies that reported during the current week.

However: Starbucks, who reported the prior week, was maintained Neutral at 2 firms.

REPORTED LAST WEEK were: Luckin Coffee, First Watch, Yum Brands, Yum China, McDonald’s, Dine Brands, CAVA Group, The One Group Hospitality, Dutch Bros, Red Robin, Portillo’s, Wendy’s, Shake Shack, Papa John’s, Planet Fitness, Regis Corp, Krispy Kreme, Sweetgreen, Xponential Fitness, Kura Sushi, El Pollo Loco, The Joint, Texas Roadhouse, BJ’s Restaurants, Bloomin’ Brands.

Two companies were Downgraded. McDonald’s was downgraded from Buy to Hold by Freedom. Driven Brands was downgraded by two firms, to Underweight and Equal-weight respectively, in the wake of some more accounting “cleanup”.

Otherwise:

First Watch was maintained Positive at 2 firms.

Yum Brands was maintained Neutral t 4 firms, Positive at 2 firms.

McDonald’s was maintained Neutral at 4 firms, Positive at 6 firms.

CAVA Group was maintained Neutral at 4 firms, Positive at 2 firms.

Dutch Bros was maintained Neutral at 1 firms, Positive at 7 firms.

Portillo’s was maintained Neutral at 2 firms.

Wendy’s was maintained Neutral at 1 firmss.

Papa John’s was maintained Neutral at 2 firms.

Planet Fitness was maintained Positive at 3 firms.

Sweetgreen was maintained Neutral at 2 firms, Positive at 3 firms.

Kura Sushi was maintained Neutral at 1 firm, Positive at 2 firms.

Texas Roadhouse was maintained Positive at 4 firms.

Bloomin’ Brands was maintained Neutral at 1 firm.

Conference call transcripts are below for all companies reporting in prior weeks with ratings change (none), Reported in THE WEEK THAT WAS: ( Luckin Coffee, First Watch, Yum Brands, Yum China, McDonald’s, Dine Brands, CAVA Group, The One Group Hospitality, Dutch Bros, Red Robin, Portillo’s, Wendy’s, Shake Shack, Papa John’s, Planet Fitness, Regis Corp, Krispy Kreme, Sweetgreen, Xponential Fitness, Kura Sushi, El Pollo Loco, The Joint, Texas Roadhouse, BJ’s Restaurants, Bloomin’ Brands) and Initiated Coverage (none).

Luckin Coffee (LKNCY)

Luckin Coffee Inc. (LKNCY) Q3 2026 Earnings Call Transcript _ Seeking Alpha

First Watch (FWRG)

First Watch Restaurant Group, Inc. (FWRG) Q3 2026 Earnings Call Transcript _ Seeking Alpha

Yum Brands (YUM)

Yum! Brands, Inc. (YUM) Q3 2026 Earnings Call Transcript _ Seeking Alpha

Yum China (YUMC)

Yum China Holdings, Inc. (YUMC) Q3 2026 Earnings Call Transcript _ Seeking Alpha

McDonald’s (MCD)

McDonald’s Corporation (MCD) Q3 2026 Earnings Call Transcript _ Seeking Alpha

Dine Brands (DIN)

Dine Brands Global, Inc. (DIN) Q3 2026 Earnings Call Transcript _ Seeking Alpha