** Stifel says traffic at U.S. restaurant chains weakened into March, signaling the need for higher promotions to bolster visits and win back lower-income diners
** Analyst Chris O'Cull says quick-service franchises are in a "tough spot" after California's $20-an-hour minimum wage in April, low unemployment levels and pushback on less attractive pricing and offers
** Hikes PT on Chipotle Mexican Grill to $3,270 from $2,700; raises PT on Domino's Pizza to $550 from $500
** CMG, DPZ and Chili's performing well among low-income cohorts owing to their price-value perception and promotional strategy - Stifel
** Estimates that Starbucks is facing some challenges with weaker spending from cash-strapped customers; cuts PT to $90 from $102
** Brokerage sees competition across pizza category to heat up in 2024, with Pizza Hut, Domino's and Papa John's
already running a flurry of promotions on their websites
** So far this year, DPZ stock up 23%, CMG up about 30%, while SBUX and PZZA down 10.5% and 17%, respectively
(Reporting by Savyata Mishra in Bengaluru)
((Savyata.Mishra@thomsonreuters.com))
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