Bernstein analyst Sara Senatore told investors in a research note that in the U.S. restaurant space, Starbucks (SBUX) appears expensive. She views the relatively large valuation as "surprising" given that she believes the risk to growth is more likely to the downside than the upside, and thinks Starbucks is confronting an increasingly mature U.S. market, lower marginal returns and slower growth. She expects fundamental upside from peers McDonald's (MCD), Darden (DRI), Chipotle (CMG) and Yum! (YUM). Senatore has a Market Perform rating and $64 price target on Starbucks.

Citi lowered the firm's price target on Yum! Brands to $162 from $166 and keeps a Buy rating on the shares ahead of the Q1 report. The analyst expects Yum continues to voice confidence in 5% unit growth, and its digital initiatives are growing sales for franchisees. The firm views the company's near-term outlook as "shakier" than the long-term.

Raymond James analyst Brian Vaccaro raised the firm's price target on Chipotle (CMG) to $3,300 from $3,200 and keeps an Outperform rating on the shares. The firm maintains a selective stance towards its restaurant coverage universe as industry sales have underwhelmed in recent months, causing Raymond James to increasingly favor stocks it view as having "idiosyncratic factors trading at attractive valuations," such as Brinker (EAT), Shake Shack (SHAK), First Watch (FWRG) and Bloomin' Brands (BLMN), the analyst tells investors in a group earnings preview note.

Chipotle Mexican Grill announced the opening of its first location in Kuwait City in partnership with leading international franchise retail operator Alshaya Group. The restaurant has been operating with adjusted hours since the beginning of the month to account for holidays and training and will hold its official grand opening on April 23. Chipotle's location in Kuwait marks the first time the company has entered a new country in over 10 years. The new restaurant is located at The Avenues, Kuwait's largest shopping mall and a hub for international and local brands with over 1,100 stores and approximately one million visitors per week.