3 Restaurant Stocks Making Moves After Wedbush Attention

The Wall Street brokerage added Dutch Bros stock to its "Best Ideas" list

Deputy Editor
Dec 21, 2023 at 1:27 PM
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Wall Street newcomer Cava (CAVA) got an upgrade earlier today, with Wedbush praising the fast casual restaurant stock's upside. The analyst is weighing in on the wider restaurant sector, too, pointing out multiple relevant equities are at discounts in a declining interest rate environment.

Dutch Bros Inc (NYSE:BROS) is up 2.7% at $29.40 at last check, after Wedbush added the equity to its "Best Ideas" list. The brokerage pointed towards a deluge of potential catalysts, noting "the magnitude of sales transfer to have peaked in 2023, and to gradually decline in 2024 and thereafter."

On the charts, the equity has consolidated around the $29.50 area after its 40-day moving average saved a late-November through early December pullback. Year to date, Dutch Bros stock is up nearly 5%.

Meanwhile, the analyst downgraded Chipotle Mexican Grill, Inc. (NYSE:CMG) to "neutral" from "outperform," citing the firm's slowing growth trajectory. In response to the bear note, CMG was last seen 0.5% lower at $2,302.71.

The timing of this bear note is precarious, especially considering CMG yesterday touched an all-time high of $2,348.42. This recently rally followed a bounce off the $1,800 level, with the 20-day trendline helping the equity reach its peak by moving in in early December. Year to date, Chipotle Mexican Grill stock is up 66%.

Lastly, Wedbush also downgraded Wendys Co (NASDAQ:WEN) to "neutral" from "outperform," saying the company's position as a quick-serve restaurant is "at risk" in an increasingly value-oriented environment that's taking over the fast-food sector. At last check, WEN is down 1.2% at $19.61.  

Wendys stock had its most recent rally cut short just below its 150-day moving average that's acted as pressure since June. The security has lost 11.3% over the last six months, and is now saddled with a 14.2% year-over-year deficit. 


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