Consumer Discretionary

Report by Paragon Intel

Paragon Intel is bearish on HOG’s new CEO, Artie Starrs, arguing that while he may mend dealer relations and bring an outsiders’ perspective to the company, he is not equipped to deliver the deep brand turnaround required after two prior CEOs already failed to halt the brand’s decade-long decline. Paragon’s analysis includes interviews with Starrs' former colleagues from Yum! Brands and Topgolf. They found mixed and often critical feedback: he is seen as polarising leader, valued by some sources as a strategic thinker with strong financial acumen, boardroom presence and the ability to drive large-scale initiatives, yet criticised by others as overly numbers-driven, aloof and weak at culture-building.

Consumer Discretionary

Report by Verbatim Advisory Group

Verbatim's latest channel survey reveals weaker same-store sales trends at Taco Bell in Apr (vs. both Mar and 1Q23 trends) despite promotional menu options. The current Y/Y comparison is harder than the previous quarter on a Y/Y basis and on a multi-year basis. In Q1, Verbatim applied a bias factor of positive 200bps. Due to the tougher multi-year comparison and weaker trends, they are applying a bias of positive 200bps in Apr as well. With an Apr Raw Comp of +3%, their Apr Comp Estimate is +5% (vs. 1Q23 Actual Comp of +8%). Click here for the full report.