THE WEEK THAT WAS, ENDING OCTOBER 20th – ONLY ONE COMPANY REPORTED – THREE UPGRADES, ONE DOWNGRADE, LOTS OF INITIATIONS - with relevant transcripts

COMPANIES PREVIOUSLY REPORTING:

THREE UPGRADES: Planet Fitness from Underperform to Neutral, First Watch and Brinker from Market Perform to Strong Buy

ONE DOWNGRADE: Yum Brands from Buy to Neutral

RATINGS MAINTAINED (including Initiations):

Chipotle: three analysts all like it.

McDonald’s: three analysts unanimously like it.

Wendy’s: two analysts are Neutral, one is Positive

Cheesecake Factory: two analysts are Neutral

Bloomin’ Brands: one Neutral, one Positive

Yum Brands: two Neutral, one Positive

ShakeShack: one Neutral,one Posittive

Maintained at Neutral are: Mister Car Wash, Wingstop, Denny’s and Jack in theBox

Maintained at Positive are: Darden, Dine Brands, BJ’s Restaurants, Starbucks, Papa John’s, Restaurant Brands and Potbelly

Initiations during Week: Chipotle at Buy, McDonald’s at Buy, Wendy’s at Hold, Cheesecake at Hold, Blooomin’ Brands at Hold, Yum Brands at Hold, Shake Shack at Hold, Jack in the Box at Hold, Starbucks at Buy, Darden at Buy, Papa John’s at BUy, Restaurant Brands at Buy, Potbelly at Buy

REPORTING DURING WEEK – ONLY WINMARK (WINA), with no coverage (except ours), no ratings

Conference call transcripts are below for all companies reporting in prior weeks with ratings changes (Planet Fitness, First Watch, Brinker, Yum Bands) or initiations (Chipotle, McDonald’s, Wendy’s, Cheesecake, Blooomin’ Brands, Yum Brands, Shake Shack, Jack in the Box, Starbucks, Darden, Papa John’s, Restaurant Brands, Potbelly), or companies reporting in THE WEEK THAT WAS (Winmark, but no transcript

TRANSCRIPTS:

Planet Fitness (PLNT)

https://seekingalpha.com/article/4623391-planet-fitness-inc-plnt-q2-2023-earnings-call-transcript

First Watch (FWRG)

https://seekingalpha.com/article/4622306-first-watch-restaurant-group-inc-fwrg-q2-2023-earnings-call-transcript

Brinker Int’l (EAT)

https://seekingalpha.com/article/4629134-brinker-international-inc-eat-q4-2023-earnings-call-transcript

Yum Brands (YUM)

https://seekingalpha.com/symbol/YUM/earnings/transcripts

Chipotle (CMG)

https://seekingalpha.com/article/4620249-chipotle-mexican-grill-inc-cmg-q2-2023-earnings-call-transcript

McDonald’s (MCD)