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    Zach Ogden

    Research Analyst at TD Cowen

    Zach Ogden is an Equity Research Analyst at TD Cowen, specializing in the restaurant sector and regularly covering companies such as First Watch Restaurant Group, Kura Sushi USA, Sweetgreen, and Shake Shack. He participates in high-profile earnings calls, providing detailed analysis on operational drivers and margin performance, though specific published performance metrics or analyst rankings are not publicly available. Ogden began his career in equity research prior to his current role at TD Cowen, where he now supports senior analysts and contributes to sector research. He holds professional securities licenses, including FINRA Series 7 and Series 63 registrations, reaffirming his expertise in equity markets and compliance requirements.

    Zach Ogden's questions to First Watch Restaurant Group (FWRG) leadership

    Zach Ogden's questions to First Watch Restaurant Group (FWRG) leadership • Q2 2025

    Question

    Zach Ogden of TD Cowen, on for Andrew Charles, asked about the margin impact from initiatives like 'surprise and delight' and increased portioning. He also inquired about the drivers behind the significant increase in third-party delivery volumes during the quarter.

    Answer

    CFO Mel Hope explained that these initiatives are not considered margin headwinds but are built into the company's operational structure and guest experience. CEO Chris Tomasso added that execution improved in Q2 versus Q1. Regarding delivery, Tomasso attributed the volume growth to optimizing the business model, including reducing the surcharge, and improved operational execution (accuracy, speed, quality), which has enhanced their visibility on third-party platforms.

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    Zach Ogden's questions to KURA SUSHI USA (KRUS) leadership

    Zach Ogden's questions to KURA SUSHI USA (KRUS) leadership • Q3 2025

    Question

    Zach Ogden, on behalf of Andrew Charles, asked if the Class of 2025 new stores were opening stronger than the Class of 2024 and what was driving this performance. He also followed up on whether the expected tariff impact on new store build-out costs had changed.

    Answer

    SVP Benjamin Porten confirmed the fiscal 2025 class is one of the strongest in recent memory, highlighting the successful entry into the Pacific Northwest with the Linwood location becoming a top-five store. He also noted strong performance in new DMAs like Fishers, Indiana, and Bakersfield, California, which provides crucial data for future pipeline development. CFO Jeff Uttz added that the previously stated worst-case scenario of a $300,000 to $400,000 impact on build-out costs from tariffs remains their current expectation.

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