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U.S. consumer sentiment declined to pandemic-era lows recently amid the rapid spread of the COVID-19 Delta variant. The consumer sentiment index fell 11 points to 70.2 in August, its lowest reading since December 2011. Moreover, the index missed analysts’ 80.1 target by a large margin.
Given this backdrop, we believe fundamentally weak restaurant stocks The Cheesecake Factory Incorporated (CAKE), Dave & Buster’s Entertainment, Inc. (PLAY), and FAT Brands Inc. (FAT) are best avoided now.
