THE WEEK THAT WAS, ENDING November 7th – most active earnings week of quarter, 3 initiations, 1 Upgrade, 3 Downgrades - easy access here for conference call transcripts – click through yellow box on Home Page for over 60 write-ups, updated soon through 9/30

REPORTED IN PRIOR WEEKS – One Downgrade (Arcos Dorados from Outperform to Neutral, Three Initiations (Dave & Buster’s at Hold, Brinker and BJ’s at Buy).

Otherwise:

European Wax maintained at Market Perform by 1 firm.

Starbucks and Cheesecake maintained or reiterated at Buy by 1 firm.

Reporting companies in past week: Denny’s, The One Group, Yum Brands, Wingstop, Portillo’s, First Watch, Driven Brands, Yum China, CAVA Group, McDonald’s, Dine Brands, Dutch Bros, Noodles, Papa John’s, Bloomin Brands, Planet Fitness, TX Roadhouse, Kura Sushi, Sweetgreen, Xponential Fitness, The Joint, FAT Brands, Twin Hospitality, Wendy’s, GEN Restaurants.

One Upgrade: Yum Brands from In-Line to Outperform

Two Downgrades: Sweetgreen from Outperform to Market Perform & Denny’s to Hold as they wait to go private

Otherwise:

Yum Brands maintained at Neutral by 4 firms, Positive at 1.

Wingstop maintained Neutral at 1 firm, Positive at 9.

Portillo’s maintained Neutral at 2 firms.

CAVA Group maintained Neutral at 4 firms, Positive at 5.

McDonald’s maintained Neutral at 1 firm, Positive at 2.

Dutch Bros maintained Neutral at 1 firm, Positive at 2.

Texas Roadhouse maintained Neutral at 4 firms, Positive at 2.

Planet Fitness maintained Positive at 2 firms.

Sweetgreen maintained Neutral at 2 firms, Positive at 2.

Kura Sushi and Dine Brands maintained Neutral at 1 firm.

Papa John’s and Driven Brands Maintained Positive at 1 firm.

Conference call transcripts are below for all companies reporting in prior weeks with ratings change in THE WEEK THAT WAS: (Arcos Dorados), Initiated Coverage (Dave & Buster’s, BJ’s Restaurants, Brinker Int’l) companies reporting: (Denny’s, The One Group, Yum Brands, Wingstop, Portillo’s, First Watch, Driven Brands, Yum China, CAVA Group, McDonald’s, Dine Brands, Dutch Bros, Noodles, Papa John’s, Bloomin Brands, Planet Fitness, TX Roadhouse, Kura Sushi, Sweetgreen, Xponential Fitness, The Joint, FAT Brands, Twin Hospitality, Wendy’s, GEN Restaurants).

Arcos Dorados

Arcos Dorados Holdings Inc. 2025 Q2 – Results – Earnings Call Presentation (NYSE _ ARCO) 2025-08-20 _ Seeking Alpha

Dave & Buster’s

Dave & Buster’s Entertainment, Inc. (PLAY) Q2 2025 Earnings Call Transcript _ Seeking Alpha

Brinker Int’l

Brinker International, Inc. (EAT) Q1 2026 Earnings Call Transcript _ Seeking Alpha

Brinker International, Inc. 2026 Q1 – Results – Earnings Call Presentation (NYSE _ EAT) 2025-10-30 _ Seeking Alpha

BJ’s Restaurants

BJ’s Restaurants, Inc. (BJRI) Q3 2025 Earnings Call Transcript _ Seeking Alpha Denny’s Corporation (DENN) Q2 2025 Earnings Call Transcript _ Seeking Alpha

Denny’s

Denny’s Corporation (DENN) Q2 2025 Earnings Call Transcript _ Seeking Alpha

The One Group