THE WEEK THAT WAS, ENDING JANUARY 24th – MORE DOWNGRADES (4) and UPGRADES (3) THAN IN A WHILE - with relevant transcripts

PREVIOUSLY REPORTING: MORE CHANGES THAN WE HAVE SEEN IN A WHILE – FOUR DOWNGRADES AND THREE UPGRADES

DOWNGRADED:

BRINKER INT’L FROM OVERWEIGHT TO SECTOR WEIGHT

WENDY’S FROM EQUAL WEIGHT TO UNDERWEIGHT

VALVOLINE FROM OVER WEIGHT TO EQUAL WEIGHT

YUM BRANDS FROM OVER WEIGHT TO EQUAL WEIGHT

UPGRADED:

RESTAURANT BRANDS FROM NEUITRAL TO BUY

TEXAS ROADHOUSE FROM FROM EQUAL WEIGHT TO OVERWEIGHT

WINGSTOP FROM EQUAL WEIGHT TO OVERWEIGHT

OTHERWISE:

McDonald’s maintained at Overweight by 2 firms

Brinker maintained at Equal-Weight by 2 firms

Restaurant Brands maintained at Equal Weight by 1 firm.

Exponential Fitness Initiated at Market Perform

Maintained at Neutral by 1 firm were, Mister Car Wash, Planet Fitness, Sweetgreen, Portillo’s, and Jack in the Box

Maintained with Positive ratings by 1 firm were Starbucks, Chipotle & Papa John’s

COMPANIES REPORTING DURING WEEK: NONE

Conference call transcripts are below for all companies reporting in prior weeks with ratings changes (Brinker, Wendy’s, Valvoline, Yum Brands, Restaurant Brands, Texas Roadhouse, Wingstop), Initiations (Exponential Fitness), or companies reporting in THE WEEK THAT WAS: (NONE)

TRANSCRIPTS:

Brinker International (EAT)

Brinker International, Inc. (EAT) Q1 2025 Earnings Call Transcript _ Seeking Alpha

Wendy’s (WEN)

The Wendy’s Company (WEN) Q3 2024 Earnings Call Transcript _ Seeking Alpha

Valvoline (VVV)

Valvoline Inc. (VVV) Q4 2024 Earnings Call Transcript _ Seeking Alpha

Restaurant Brands (QSR)

Restaurant Brands International Inc. (QSR) Q3 2024 Earnings Call Transcript _ Seeking Alpha

Texas Roadhouse (TXRH)

Texas Roadhouse, Inc. (TXRH) Q3 2024 Earnings Call Transcript _ Seeking Alpha

Wingstop (WING)