As previously reported, Oppenheimer analyst Brian Bittner upgraded Wendy's to Outperform from Perform, with a $20 price target, as dynamics of an improved setup are attractive. The analyst notes that his work reveals an "intriguing setup" as Street's earnings and free cash flow estimates through 2020 have reset to levels that create an improved scenario for meets or beats, same-store sales appear to have drivers to accelerate into 2019 against conservative sell-side forecasts of sub-2% perpetually, new international strategy could unlock faster-than-expected long-term unit growth, which is yet to be appreciated by investors, and valuation at about 8% free cash flow yield implies very attractive upside/downside case against a highly stable financial model.