REPORTED IN PRIOR WEEKS – THREE DOWNGRADES, ONE UPGRADE

SHAKE SHACK DOWNGRADED BY TWO FIRMS (based on revised guidance), FROM OVERWEIGHT TO EQUAL-WEIGHT AND OUTPERFORM FROM STRONG BUY

CHIPOTLE DOWNGRADED BY MORGAN STANLEY FROM OVERWEIGHT TO EQUAL-WEIGHT AND UPGRADED BY JP MORGAN FROM NEUTRAL TO OVERWEIGHT

YUM BRANDS UPGRADED BY MORGAN STANLEY FROM EQUAL-WEIGHT TO OVERWEIGHT.

OTHERWISE:

SHAKE SHACK maintained Neutral at 3 firms, Positive at 4 firms.

WINGSTOP maintained Hold at 1 firm, Overweight at 1 firm.

Maintained with Neutral ratings at 1 firm were: Cracker Barrel, Kura Sushi.

Maintained Positively at 1 firm were: Dutch Bros, Darden, CAVA, First Watch, Yum Brands.

REPORTED IN THE WEEK THAT WAS: no earnings reports, but Shake Shack lowered guidance.

Conference call transcripts are below for all companies reporting in prior weeks with ratings change (Shake Shack, Chipotle, Yum Brands) reporting in THE WEEK THAT WAS: (none) and Initiated Coverage (none).

SHAKE SHACK (SHAK)

Shake Shack Provides Fiscal Second Quarter 2026 Business Update (2026-06-02) _ Seeking Alpha

CHIPOTLE (CMG)

Chipotle Mexican Grill, Inc. (CMG) Q1 2026 Earnings Call Transcript _ Seeking Alpha

YUM BRANDS (YUM)

Yum! Brands, Inc. (YUM) Q1 2026 Earnings Call Transcript _ Seeking Alpha

THE WEEK TO COME