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Veteran Hedgeye Restaurants analyst Howard Penney warns that trouble is "just beginning" for restaurant stocks.

"We have just begun this transition for the restaurant industry and for food and service drinking places and...what's reflected in the stocks is hard to know," Penney explains in the clip above from a recent deep dive institutional call he hosted.

"And now, you're adding the change in consumer behavior because of COVID-19 and not eating out and that's layering on another 30 to 70% decline in comps depending on where you sit in the industry."

Watch the full clip above for more.

Trouble Has 'Just Begun' For Restaurant Stocks - real time alerts