New data shows some consumers leaving fast food chains behind and turning to casual and upscale dining restaurants. Will this trend continue in the New Year and which stocks will benefit? Larry Miller, restaurant analyst at RBC Capital Management shared his insight.
“We’re seeing consumers are starting to spend a little bit more at the higher end restaurants and we’re seeing it in our consumer-based survey where we think that’s going to continue,” Miller told CNBC
Consumer spending plans bode well for future restaurant sales, said Miller and he expects to see a further uptick in trends in a few months.
P.F. Chang’s China
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Miller has investment banking clients who own shares of PFCB. RBC Capital Markets has provided Yum Brands and Texas Roadhouse with non-securities services in the past 12 months.