Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon, today's Tuesday August 13thth and I'm your host Kim Khan. Our top story so far.

Starbucks sent shock waves across the restaurant sector with its announcement that it's replacing

CEO Locksman not a Simhan with Chipotle Mexican

grill CEO Brian Nickel. Nickle joined Chipotle as CEO as a director in March

2018 and became chairman of the Board in March 2020.

Before joining Chipotle, he served as Chief Executive of Young Brands Taco Bell.

Nicole will be on the new job almost immediately.

Starbucks CFO Rachel Ruggieri will step in his interim chief executive until September 9th,

when Nickel officially takes over the top position.

Chairs of Starbucks are soaring and Wall Street applauded.

Evercore ISI analyst David Palmer sees the opportunity at Starbucks as primarily a US

brand issue with operations upside and digital and revenue management innovation.

He noted that at Chipotle, Nick

and his team have driven operational improvement, digital enhancement,

and improved innovation news. Importantly, Brian is likely the one

restaurant executive that has the gravitas to address the Howard

Schultz founder overhang.

Baird was even more positive, upgrading Starbucks to an outperformed rating with a new price

target of $110.

Analysts David Tarantino and his team viewed Nickle as an exceptional executive based on

his track record in driving strong results at Chipotle since he arrived in 2018,

...