Consumer Demand WeaknessPersistent weakness among lower-income, Hispanic, and expanding middle-income customers is driving continued same-store sales declines and traffic pressure.
Guidance And Execution RiskCompany guidance that excludes potential Smart Kitchen benefits raises execution risk, making targets hard to hit without expected operational improvements.
Valuation And Macro UncertaintyHigh valuation levels for growth restaurants combined with macroeconomic uncertainty could keep the stock range-bound as investors reassess growth durability.