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Sean Dunlop

Sean Dunlop, CFA is an equity analyst on the consumer team for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers restaurants and E-commerce stocks.

Before joining Morningstar in 2020, Dunlop worked with All Nations Sports Academy, a small nonprofit in the Houston area.

Dunlop holds a bachelor's degree in business economics and Spanish from Wheaton College. He also holds the Chartered Financial Analyst® designation.


We maintain a positive view of management's approach to increasing partner wages (a crucial investment to fully staff stores and compete for market share) and channeling capital toward store technology and kitchen equipment. Nonetheless, these investments pose a 400 basis-point margin drag in the near term, leading us to maintain our $109 fair value estimate as time value of money, wage investments, and sustained market share gains offset--leaving shares looking fairly valued.