As reported previously, Nomura analyst Mark Kalinowski upgraded Wendy's to Buy from Neutral after raising his Q4 same-store sales estimate for company-owned stores to 3.6% and for franchised restaurants to 4.4%, both of which he noted are the new "high on the sell-side" forecasts. The firm's channel checks point to November being the best month for U.S. quick-service burger sector same-store sales during 2015 and that the first half of December was "just as robust," Kalinowski tells investors in his research note. The analyst rasied his price target on Wendy's to $12.50 from $11.