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Sean Dunlop

Sean Dunlop is an equity analyst on the consumer team for Morningstar.

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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.