Some Restaurant Chains Are in Better Shape Than You Think. But Don’t Chase the Stocks.

Restaurants stocks in the S&P 500 have risen more than 40% since the market bottomed March 23, a much stronger rally than the broader index’s 32% gain. Many of them might be already pricing in an optimistic recovery outlook and investors should be cautious about chasing from here, according to J.P. Morgan analyst John Ivankoe.

Restaurant sales have improved since late March—mainly through rising takeout and delivery orders—as consumers started to feel the fatigue about home cooking. “It is obvious that consumer trust has... Subscribe or Sign In to continue reading.

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