瑞信-美股-餐饮业-2018年展望：专有工资模型更新-2018.1.23-45页

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.23January2018Americas/UnitedStatesEquityResearchRestaurantsRestaurantsResearchAnalystsJasonWest,CFA617-556-5745jason.west@credit-suisse.comOlyaVoronetskaya2123252718olya.voronetskaya@credit-suisse.comSECTORFORECAST2018Outlook:UpdatingProprietaryWageModel,UpgradeTXRHtoOutperform■Updatingmodelsfortaxreform:Wereraisingests.andPTsacrossourcoveragetoreflecttheimpactoftaxreform.EPSforecas