Posted: Dec 29, 2020
Although the novel coronavirus slammed America’s hospitality industry, several restaurant stocks are poised — and hoping — for better days.
Many publicly traded restaurant companies adapted to the pandemic. Bank of America (NYSE:BAC) reviewed credit card data and found consumer spending at large chain restaurants returned to positive territory by July. Small restaurant chains and independent businesses showed improvement but lagged the big players, the bank said.
After weathering a market crash, lockdowns and other disruptions, these firms look to improve their results in 2021. Circumstances were challenging in 2020 as take-out and delivery sales became the norm. Some restaurant companies were suited to make the abrupt change, especially those geared to drive-up services.
Others, meanwhile, had to get creative and find ways to pivot. Some shuttered locations, expanded outdoor dining, and reconfigured their menus and operations to accommodate increased to go and delivery orders.
For much of the year, restaurant stocks reflected the pandemic’s pressures on the industry. This presented opportunities for investors able to take advantage.
As the new year approaches, outlooks are buoyed by the delivery of vaccines designed to protect against Covid-19 and the expected positive economic effects.
By Larry Sullivan
Source and complete article by: investorplace.com
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