THE WEEK THAT WAS, ENDING March 20th, TWO REPORTS, INCLUDING BELLWETHER DARDEN, ONE UPGRADE, TWO DOWNGRADES – easy access here for conference call transcripts – click through yellow box on Home Page for over 60 write-ups, your “one stop shop”

REPORTED IN PRIOR WEEKS –

Chipotle Upgraded by Mizuho from Neutral to Outperform

Xponential Fitness Downgraded by Raymond James from Strong Buy to Market Perform

Starbucks Downgraded by RBC Capital from Outperform to Sector Perform

Otherwise:

Chipotle Maintained at Buy by 1 firm.

Brinker Maintained at Overweight by 1 firm.

Restaurant Brands Maintained at Outperform by 1 firm.

REPORTED IN THE WEEK THAT WAS: Darden (DRI) and Arcos Dorados (ARCO)

Seventeen analysts on the Darden call: Maintained Neutral by 4 firms, Positive at 7 firms.

No ratings changes at Arcos Dorados.

Conference call transcripts are below for all companies reporting in prior weeks with ratings change (Chipotle, Xponential Fitness, Starbucks), Reporting in THE WEEK THAT WAS: (Darden, Arcos Dorados) and Initiated Coverage (none).

Chipotle (CMG)

Chipotle Mexican Grill, Inc. (CMG) Q4 2025 Earnings Call Transcript _ Seeking Alpha

original

Xponential Fitness (XPOF)

Xponential Fitness, Inc. (XPOF) Q4 2025 Earnings Call Transcript _ Seeking Alpha

original

Starbucks (SBUX)

Starbucks Corporation (SBUX) Q1 2026 Earnings Call Transcript _ Seeking Alpha

Darden (DRI)

Darden Restaurants, Inc. (DRI) Q3 2026 Earnings Call Transcript _ Seeking Alpha

original

Arcos Dorados (ARCO)

Arcos Dorados Holdings Inc. (ARCO) Q4 2025 Earnings Call Transcript _ Seeking Alpha

Lipton Financial Services

Restaurant and Retail Review

THE WEEK THAT WAS, ENDING March 20th, TWO REPORTS, INCLUDING BELLWETHER DARDEN, ONE UPGRADE, TWO DOWNGRADES – easy access here for conference call transcripts – click through yellow box on Home Page for over 60 write-ups, your “one stop shop”